Quitclaim
Definition and meaning of Quitclaim in real estate.
To quitclaim is the act of releasing or transferring any interest, claim, or right a person may have in a property to another party, without making any warranties or guarantees about the validity of the ownership. This transfer is executed using a legal document known as a quitclaim deed.
In more detail
Unlike other property transfers, to quitclaim does not guarantee that the person transferring the property actually owns it or that the title is free of liens. The transferor simply says that whatever interest they might have, they are giving it up. Because of this lack of protection, this action is typically used between family members, during divorce settlements, or to clear minor technical defects on a title. It is rarely used in traditional home sales, where buyers require warranty deeds to protect their investments.
Key facts
| Category | Legal, Titles & Closing |
|---|---|
| Transfer Type | No warranties or guarantees of title |
| Common Use | Transfers between family members or resolving title defects |
| Parties Involved | Grantor (transferor) and grantee (recipient) |
A husband agrees to quitclaim his interest in the family home to his wife as part of their divorce settlement, transferring his ownership share using a quitclaim deed.
Frequently asked questions
Does to quitclaim remove my name from the mortgage?
No, quitclaiming your interest in a property only transfers ownership. It does not release you from your financial obligations under the mortgage loan.
Is a quitclaim transaction permanent?
Yes, once a quitclaim deed is signed, notarized, and recorded in the county land records, the transfer of interest is legally binding and permanent.