A quitclaim deed is a form of a deed that transfers an interest in real estate, like a home, empty land or a mobile home. The individual transferring the real estate is the grantor. The individual receiving the real estate is the grantee. Quitclaim deeds are occasionally known as quick deeds, quit claim or quick claim deeds.
The most vital aspect of a quitclaim deed is that the grantor doesn't make any promises, guarantees or warranties about the real estate. Fundamentally, the grantor states in a quitclaim deed that he's conveying whatever interest he may have in the real estate, which could be no interest at all to a perfect title. This is the total opposite of a warranty deed, in which the grantor transfers real estate with a promise of clear title.
Quitclaim deeds are usually used to address current or potential issues regarding a property's title. A quitclaim deed is also referred to as a "deed of release." If there's the chance that an individual could have a claim to the real estate, such as a divorced or divorcing spouse, or there's an issue with the title, maybe a paid-off debt that wasn't correctly discharged, a quitclaim deed can be used to fix issues that would be a "cloud" or flaw in the title. Such flaws can impact value and the potential to sell the real estate.
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