What is a Quitclaim Deed?

quitclaim deed with eyeglasses

A deed transfers ownership of a property from one party to another. Warranty deeds and quitclaim deeds are the two most common kinds of quitclaim deed that makes no assurance. That the property is free and clear of any liens or encumbrances and provides far less protection to the recipient of the property.

Read Also: What is an Easement?

A warranty deed on the other hand, which is used in most real estate sales warrants a clear title after a title search is completed. Quitclaim deeds are
commonly used when a property is transferred from one family member to
another. When a spouse’s name is added to the property title or when
someone’s name is removed from the property title such as in a divorce.

A quitclaim deed doesn’t erase or affect any existing mortgage that the owner is responsible for quitclaim deeds are also not reversible simply put once the deed is signed and delivered. The individual transferring it no longer owns the property.

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