quitclaim deed

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Quitclaim Deed

A deed releasing the interest or ownership, if any, that the writer, known as a grantor, has in a property. It is important to note that a quitclaim deed does not attest that the grantor actually has an ownership interest in the property; it merely states that the grantor no longer claims to have one. One who buys a property in exchange for a quitclaim deed therefore accepts the possibility that another person or persons have an ownership interest in it. For this reason, some property insurance companies do not provide coverage for a property with only a quitclaim deed.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

quitclaim deed

A deed with no warranties at all.The grantor conveys anything it might own at the moment, but makes no representations or warranties it owns anything. It is the normal vehicle for clearing up title defects.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Changing the ownership of the property, which the owners may easily accomplish with a quitclaim deed, may result in unexpected gift-tax issues.
forms containing some basic quitclaim deed language, and bespoke
The IRS Office of Chief Counsel advised a member of the National Taxpayer Advocate Office that a tax lien attached to property that a husband transferred to his wife in a divorce settlement where the quitclaim deed conveying the property was not registered prior to the filing of a Notice of Federal Tax Lien.
(33) Transfers of Murphy deed reservations from the state to local governments occur by statutory reclassification of roadways or by quitclaim deeds of the reserved easements from the state to local governments.
The county sells the properties using "quitclaim deeds," which means that the county is re- linquishing any claim to the properties.