Definitions for quitclaim deed
This page provides all possible meanings and translations of the word quitclaim deed
quitclaim, quitclaim deed(noun)
document transferring title or right or claim to another
A quitclaim deed is a legal instrument by which the owner of a piece of real property, called the grantor, transfers his or her interest to a recipient, called the grantee. The owner/grantor terminates his or her right and claim to the property, thereby allowing claim to transfer to the recipient/grantee. Unlike most other property deeds, a quitclaim deed contains no title covenant and thus, offers the grantee no warranty as to the status of the property title; the grantee is entitled only to whatever interest the grantor actually possesses at the time the transfer occurs. This means that the grantor does not guarantee that he or she actually owns the property at the time of the transfer, or if he or she does own it, that the title is free and clear. It is therefore possible for a grantee to receive no actual interest, and – because a quitclaim deed offers no warranty – have no legal recourse to recover their losses. Further, if the grantor should acquire the property at a later date, the grantee is not entitled to take possession, because the grantee can only receive the interest the grantor held at the time the transfer occurred. In contrast, other deeds often used for real estate sales contain warranties from the grantor to the grantee that the title is clear and/or that the grantor has not placed any encumbrance against the title.
Find a translation for the quitclaim deed definition in other languages:
Select another language:
Discuss these quitclaim deed definitions with the community:
Use the citation below to add this definition to your bibliography:
"quitclaim deed." Definitions.net. STANDS4 LLC, 2014. Web. 2 Oct. 2014. <http://www.definitions.net/definition/quitclaim deed>.