A Quitclaim Deed is the simplest way to transfer property from one owner (the grantor) to another (the grantee). This legal document conveys whatever interest the grantor has in a piece of property without any warranties or guarantees; therefore, any property transferred through a quitclaim deed is given “as-is.”
A quitclaim deed can also be drafted without a title search or title insurance. Quitclaim deeds are most often used for land and home transfers that do not involve any money-changing hands.
This type of deed would not likely be deemed acceptable by a financial institution that is lending the funds for a mortgage. See below for the most common uses of a quitclaim deed.
You Can Use a Quitclaim Deed to:
Transfer property from one family member to another, often between parents and children or between siblings
Move the property into (or out of) a revocable living trust
In the event of a marriage, add a spouse to the property title
In the event of a divorce, remove a spouse from the property title
Transfer ownership to a corporation or an LLC
To clear a defect on the title (such as a missing signature or a misspelled name in the public record)
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