Results for quitclaim deed
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Business Dictionary:

Quitclaim Deed

Deed that conveys only that right, title, or interest that the grantor has, or may have, and does not warrant that the grantor actually has any particular title or interest in the property. The grantor under a quitclaim deed releases whatever interest he may have to the grantee. See also Cloud Title; General Warranty Deed.

 
 
Real Estate Dictionary: Quitclaim Deed

A Deed that conveys only the Grantor's rights or interest in real estate, without stating the nature of the rights and with no Warranties of ownership. Often used to remove a possible Cloud on the Title. Contrast with General Warranty Deed.
Example: It is discovered during a Title search that a certain property was at one time held by a Partnership that later Abandoned the property. To obtain a Marketable Title the current owner obtains quitclaim deeds from all partners in the old partnership.

 
Law Dictionary: Quitclaim Deed

A deed which conveys only that right, title, or interest which the grantor has, or may have, and which does not require that the grantor thereby pass a good title. A quitclaim deed may be purchased for a small sum as protection against the possibility that the grantor has a substantial interest unknown to him. The grantor of a quitclaim deed does not represent that he or she has any interest whatever in the property for which the deed was given-merely that whatever interest is had may be conveyed to the grantee. Compare warranty deed.

 
Wikipedia: quitclaim deed
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Property law
Part of the common law series
Acquisition of property
Gift  · Adverse possession  · Deed
Lost, mislaid, and abandoned property
Alienation  · Bailment  · License
Estates in land
Allodial title  · Fee simple  · Fee tail
Life estate  · Defeasible estate
Future interest  · Concurrent estate
Leasehold estate  · Condominiums
Conveyancing of interests in land
Bona fide purchaser  · Torrens title
Estoppel by deed  · Quitclaim deed
Mortgage  · Equitable conversion
Action to quiet title
Limiting control over future use
Restraint on alienation
Rule against perpetuities
Rule in Shelley's Case
Doctrine of worthier title
Nonpossessory interest in land
Easement  · Profit
Covenant running with the land
Equitable servitude
Related topics
Fixtures  · Waste  · Partition
Riparian water rights
Lateral and subjacent support
Assignment  · Nemo dat
Other areas of the common law
Contract law  · Tort law
Wills and trusts
Criminal Law  · Evidence

A quitclaim deed is a term used in property law to describe a document by which a person (the "grantor") disclaims any interest the grantor might have in a piece of real property, and passes that claim to another person (the grantee). A quitclaim deed neither warrants nor professes that the grantor's claim is actually valid. By comparison, a grant deed (or in some U.S. States, a warranty deed), which is normally used for real estate sales, contains certain warranties that vary from State to State. Quitclaim deeds are sometimes used for transfers between family members, gifts, or to eliminate clouds on title, or in other special or unusual circumstances.

An example of a circumstance where a quitclaim may be used is where one spouse (grantor) is disclaiming any interest in property that the other spouse (grantee) owns. A quitclaim deed would typically be used in this circumstance.

Another common form of deed similar to a quitclaim deed is the tax deed, which is used by government authorities when selling properties seized for nonpayment of taxes, as the authority will not promise that the buyer will obtain clear title to the property. It may be possible to obtain such assurances, for a fee, from a title insurance company or an attorney who performs a title search.

In most common law jurisdictions, a quitclaim deed is not technically considered to be a deed at all and in some jurisdictions a buyer who receives a quitclaim deed may not be considered a bona fide purchaser for value unless the quitclaim deed meets certain requirements. It fails to meet all five traditional tests of a true deed found in common law. Instead it is considered to be an instrument of estoppel, which means it estops or prevents the grantor of the quitclaim deed from later claiming that he or she has an interest in the property. Title companies may be unwilling to issue title insurance based on a quitclaim deed; thus, quitclaim deed holders may have to obtain further proof that a bona fide sale occurred or institute a "quiet title" action in a court to obtain clear title.

The grantee in a quitclaim deed (or a grant deed or warranty deed) receives no better title than what the grantor possessed.

A Quit Claim Deed does not release the party quitting claim to real property from their obligations under any mortgage or other lien secured against said property. (questionable - needs citation) The most accessible means of being released from one's obligations under a mortgage pursuant to the execution of a quit claim deed is through refinancing. The party to whom the property was conveyed must refinance the property using their own income, assets and credit, and may not use the income, assets or credit of the party who has quit claim.


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Copyrights:

Business Dictionary. Dictionary of Business Terms. Copyright © 2000 by Barron's Educational Series, Inc. All rights reserved.  Read more
Real Estate Dictionary. Dictionary of Real Estate Terms. Copyright © 2004 by Barron's Educational Series, Inc. All rights reserved.  Read more
Law Dictionary. Law Dictionary. Copyright © 2003 by Barron's Educational Series, Inc. All rights reserved.  Read more
Wikipedia. This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Quitclaim deed" Read more

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