What is the purpose of a quitclaim deed
What is the purpose of a quitclaim deed?
When you want to transfer a real estate property you need a legal document which will be the prove of the property transfer. These legal documents are called deeds. There are different types of deeds like quitclaim deed, warranty deed etc.
A quitclaim deed is a special type of deed that helps to release the claims or interest on a real estate property of an individual and transfer it to another person or entity. So the purpose of a quitclaim deed is to transfer a real estate property among family members and friends. But a quitclaim deed does not provide any warranty that the title of the real estate property is free from all the claims.
These types of deeds are mainly used in time of divorce case. In the time of divorce if a spouse wants to disclaim all his or her share of the property he or she can simply use a quitclaim deed to transfer his or her share of the property.
The person who disclaims the share of the property is called the Grantor and the person who is getting the property is called the Grantee. There are some important points that you should keep in mind when using a quitclaim deed. Just signing a deed will not make it valid. You need notarized and then record the quit claim deed in the Recorder’s office in your state.