Quitclaim Deed Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Quitclaim Deed, written in plain English, along with examples of how it is used.
What is Quitclaim Deed?
(n) A quit claim deed is a document which assigns any interest in a property to a person without transferring the title or without granting any specific right in such property.
History and Meaning of Quitclaim Deed
A quitclaim deed is a type of legal document that allows a person to transfer his or her interest in a property to another person. This transfer of interest does not necessarily mean that the person is transferring the property's full title, nor does it imply that any particular guarantee or warranty is included. Instead, a quitclaim deed simply means that the person transferring his or her interest in the property is agreeing to relinquish any claim he or she may have to it.
The quitclaim deed has been around for centuries, and its use has evolved over time. The term "quitclaim" comes from the idea that the person signing the document is quitting or releasing any claim he or she may have had to the property. This type of transfer can be useful in situations where parties have entered into an agreement or a dispute has been resolved, and one party wishes to relinquish his or her interest in the property to the other.
Examples of Quitclaim Deed
If a married couple owns a house together and they get a divorce, one spouse may sign a quitclaim deed to transfer his or her interest in the property to the other spouse.
A person who inherits an undivided interest in a piece of property as part of a will may sign a quitclaim deed to transfer that interest to another party.
If two business partners own a building together but one decides to leave the partnership, he or she may sign a quitclaim deed to transfer his or her interest in the property to the remaining partner.
An owner of a piece of property may sign a quitclaim deed to transfer his or her interest to a family member or friend as a gift.
A person who has a lien against a property may sign a quitclaim deed to transfer his or her interest in the property to someone else in order to satisfy the lien.
Legal Terms Similar to Quitclaim Deed
Grant deed: A legal document that transfers property ownership from one person to another. Unlike a quitclaim deed, the grant deed provides certain guarantees to the buyer regarding the property's title.
Warranty deed: A legal document that transfers property ownership from one person to another and provides certain warranties or guarantees regarding the property's title.
Deed of Trust: A legal document used to secure a loan that is backed by real estate.
Title Insurance: An insurance policy that protects a homeowner or lender against any defects in the title to a property.