Function

A quitclaim deed is generally used to add or remove someone from the title to the property. Because these deeds do not offer a warranty, they are often used between related individuals. Adding a spouse or removing an ex-spouse by a quitclaim deed is common. Quitclaim deeds are worded in a way that legally conveys ownership from the grantor to the grantee. In other words, the owner grants his rights to the property to the buyer.

Warranty

When a property is conveyed with warranty, the seller provides a guaranty to the buyer that he was the rightful owner and no one else has a claim to the property. If someone tries to claim ownership in the future, the seller is responsible for resolving the issue for the new buyer. Quitclaim deeds do not carry a warranty. When the seller signs the quitclaim, he does not convey a warranty.

Mortgage

If a mortgage exists on the property in the seller’s name, signing a quitclaim deed does not remove the seller’s name from the mortgage as well. The deed changes ownership of the property only. It does not transfer the debt obligation to the new buyer. The seller will be removed from the mortgage loan when it is paid off or if a refinance loan is obtained in only the new owner’s name.

Property Condition

References

More Like This

Pros & Cons of a Quitclaim Deed

Rules of the Quit Claim Deed

Disadvantages to a Quitclaim Deed

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