A legal tool used for the conveyance of real property is a deed. There are several standard types of deeds, among which will be the quitclaim deed. Deeds has to possess a grantor and a grantee and must be in writing. The grantor conveys the interest in the property.
Identification
The quitclaim deed offers no guarantees or covenants; hence, of all deeds, it provides the least amount of protection to the grantee. A deed, with warranties and covenants, guarantees that the grantor has clear title in the property to be conveyed. In a quitclaim deed, the grantor is communicating interest, if any, in the land to the grantee. Another name for the quitclaim deed is that the release deed.
Features
The quitclaim deed conveys the interest that the grantor may have in the real property in the issuance of the deed. If the grantor doesn’t have any interest in the house at that moment, but later obtains interest in the house, the quitclaim deed issued earlier does not transfer this fresh interest in the land to the grantee.
Function
The most typical use of this quitclaim deed would be to transfer land from one family member to another, such as a parent moving the family home into a child, a family member relinquishing a possible inheritance, or a soon to become ex-spouse relinquishing a claim into property owned by a spouse. Other common uses of this quitclaim deed comprise clearing clouds title, releasing equitable title by a buyer when canceling a purchase, and if conveying ownership of a less than fee-simple estate.
Benefits
Sometimes, quitclaim deeds are an attempt to shield property from possible lawsuits or other legal activities. In this instance, the house owner may quitclaim the house to a close friend or family member with the intent of regaining the house or investment in the future.
Warning
The quitclaim deed doesn’t necessarily grant land name to the grantee. It simply conveys any interest the grantor”may have” in the house. As an instance, if Mr. Brown provides a quitclaim deed for his friend for the White House, this just means he’s giving the friend any interest he may have in the house. If Mr. Brown has no interest in the White House, then the quitclaim deed is of no value to the friend.
Misconceptions
Since quitclaim deeds are a quick way to transfer interest in real property, some erroneously refer to this deed as a”quick claim.” Still another reason for the mistake is the similarity in the sound of the phrases quit and quick.