An Introduction to Quitclaim Deeds

A quitclaim deed is a legal document that is used to transfer ownership of property from one person to another. The person who transfers the property is known as the “grantor” and the person who receives the property is known as the “grantee.” Quitclaim deeds are commonly used in situations where the grantor wants to give the property to the grantee without any warranties or guarantees about the condition of the property.

How Quitclaim Deeds Work

When a quitclaim deed is executed, the grantor gives up all of their rights to the property and transfers ownership to the grantee. The grantor does not make any promises or guarantees about the condition of the property, so it is important for the grantee to do their own due diligence before accepting ownership. In some cases, quitclaim deeds are used to correct errors in previous deeds, such as misspellings or incorrect legal descriptions.

Quitclaim Deeds vs. Warranty Deeds

It is important to note that quitclaim deeds are different from warranty deeds. With a warranty deed, the grantor makes certain promises about the condition of the property, such as that they have not sold the same piece of property to someone else, that there are no outstanding liens or judgments against the property, and that there are no encumbrances on the title. If any of these promises turn out to be false, the grantee can sue the grantor for breach of warranty.

Conclusion

Quitclaim deeds are commonly used in situations where there is no exchange of money between the grantor and grantee and where there is no need for any warranties about the condition of the property. If you are considering using a quitclaim deed, it is important to understand how they work and what their limitations are. Speak with an experienced real estate attorney to learn more.