What Is a Quitclaim Deed?

A quitclaim deed is a legal instrument that is used to transfer interest in real property. The entity transferring its interest is called the grantor, and when the quitclaim deed is properly completed and executed, it transfers any interest the grantor has in the property to a recipient, called the grantee.

Why would someone do a quit claim deed?

Quitclaim deeds are most often for transferring property between family members or to cure a defect on the title, such as a misspelling of a name. ... They may also be used when a property transfers ownership without being sold, that is when no money is involved.

What are the disadvantages of a quit claim deed?

Disadvantage. The great disadvantage for the grantee who takes property using a quitclaim deed is the fact that if events prove that the grantor had no title, or limited title, to the property, the quitclaim deed does not allow the grantee to sue the grantor.