What is a quitclaim deed?

A quitclaim deed is a type of deed used to transfer an interest in real property. It offers a way to convey ownership without providing any warranties or guarantees about the title. This means that the grantor (the person transferring the property) is not assuring the grantee (the person receiving the property) that the title is clear or free from any liens, claims, or other encumbrances. Essentially, the grantee receives whatever interest the grantor has in the property, which could be full ownership, partial ownership, or even no ownership at all.

This is particularly useful in situations such as transferring property between family members or clearing up title issues where the parties involved trust each other. The lack of guarantees makes quitclaim deeds a simpler and quicker option for transferring property interests, but it also means the grantee takes on more risk regarding the property's title.

In contrast to other options, a quitclaim deed does not ensure a clear title, nor is it a legal document terminating a lease or simply a contract for selling real estate. It’s specifically designed to transfer ownership without the assurances that come with other types of deeds, making it a unique and important tool in real estate transactions.