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Quitclaim deed

 
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.

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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
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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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A quitclaim deed is a term used to describe a document by which a person (the "grantor") disclaims any interest the grantor may 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 valid. By contrast, the deeds normally used for real estate sales (called grant deeds or warranty deeds, depending on the jurisdiction) contain guarantees from the grantor to the grantee that the title is clear. The exact nature of the warranties varies from jurisdiction to jurisdiction. Quitclaim deeds are sometimes used for transfers between family members, gifts, placing personal property into a business entity, or to eliminate clouds on title, or in other special or unusual circumstances.

The most common use for a quit claim deed is, in a divorce situation, where one party is granting the other full rights to, and eliminating any interest in, a property in which both parties held an interest. If a husband and wife own a home and divorce, and the wife acquires the home in the decree, the husband would enact a quit claim deed to eliminate interest in the property. The husband's name would remain on the loan and he would be financially responsible or liable if the wife were to default on the property. However, he would have no interest in the property—if the wife sold the property, the husband would have no claim to money gained from the sale. Another example of a circumstance where a quitclaim may be used is where one spouse is disclaiming any interest in property that the other spouse owns.

Quitclaim deeds are also typically provided in cases of tax deed sales where property is auctioned off to pay outstanding tax debt. The auctioning body is usually a local government, which claims no interest in the property whatsoever, but is selling it only to recover the back taxes.


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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