quitclaim deed

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Related to quitclaim deed: Warranty deed, Special Warranty Deed

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.

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.

References in periodicals archive ?
Quitclaim deeds are typically used to transfer property between people who are familiar with one another and who have an established, trusted relationship.
The quitclaim deed shows that the two are trying to keep their financial affairs separate after their split.
The divorce decree awarded Wife the real property and ordered Husband to execute a quitclaim deed for it.
What you need to do today is contact an attorney, prepare a quitclaim deed and contact your ex partners.
After several months, the taxpayer was unable to continue making monthly contributions to the partnership and transferred his interest in the partnership by quitclaim deed to another partner when his capital account in the partnership was negative.
Scott Haislet discusses taxes and quitclaim deeds in June 25 article on Time magazine's Money website .
Fast-forward 30 months, the time law enforcement caught up with the scammer, he "owned" numerous houses and had up to 15 people buying houses and quitclaiming, or signing quitclaim deeds to transfer any interest in the properties to him.
The number of quitclaim deeds for tank and leak incident transactions was very small: Only four tank properties sold had this weak form of deed upon transfer (4.
All of that changed this spring, as the federal government - with the signing of two quitclaim deeds, one in English and one in Hawaiian - formally returned the island to the state, which will hold it in trust for the Hawaiian Sovereign Nation.
Two subsequent quitclaim deeds have been filed to correct errors in the original.