What Is a Quitclaim Deed Used For?
Ownership Transfers A quitclaim deed transfers interest (ownership) in real property from one person to another. If you are giving away the property, you’re the “grantor,” and if you are getting the property, you’re the “grantee.” There are no guarantees. In essence, the “grantor,” the person who uses the quitclaim document to “quit” ownership of a property, says to the “grantee,” “If I happen to own any interest in this property, and I’m not saying whether I do or not, then I give it to you.” In many cases, signing a quitclaim deed represents the simplest and most effective way to give up interest in a property. For example, family members who know each other well, often use a quitclaim to transfer property from one to another. Advantages Grant, or warranty, deeds, the kind of deed normally used in real property transactions (real estate sales), “guarantee” a clear title to a property. If you have ever purchased a home, you will know what your local attorneys charge for preparing a wa
