What is a quitclaim deed?

Jul 14, 2021

Kiritsis Law Group 212 922 0005

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

 

Generally, a quitclaim deed refers to a warrantless deed, in which it releases whatever interest a grantor may hold on the property. The word quitclaim refers to the owner (grantor) quitting any title claims to the property. Depending on the jurisdictions and local legal customs, a quitclaim may contain no title covenants. It is common for a quitclaim deed to provide a grantee (buyer and/or recipient of the deed) with no warranty as to the status of the property’s title. Parties (especially ones who don’t have family ties) should be careful when using quitclaim deeds.  Some potential benefits for quitclaim deeds could be lower closing fees (usually easier to prepare and record). Also, depending on local laws and customs, it may be possible for grantor and grantee to avoid retaining and paying for title company services. It should be noted that obtaining a mortgage using quitclaim deeds maybe different, also, property transfers with quitclaim deeds may be perceived as ripe for deed fraud by nefarious actors. 

 

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