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What is a Quitclaim Deed?
A Quitclaim (or Quit Claim) Deed is used to transfer property from one person/entity to another. Transfers via Quitclaim Deed are faster but provide less protection to the buyer/recipient than a general or special warranty deeds. A Quit Claim Deed may be used to:
- Settle title disputes
- Transfer property between related persons/family members, or to one spouse during a divorce
- Fund a trust for state planning
What is a Quitclaim Deed?
The party giving up/selling the property is called the Grantor, and the party receiving/buying is the Grantee. Depending on the situation, there may be multiple Grantors and Grantees involved.