What is a quitclaim deed?

A quitclaim deed is a legal document used to transfer interest in real property. What distinguishes it from other types of deeds is that it conveys whatever interest the grantor has in the property without any warranties or guarantees concerning the quality of that interest. This means that the person receiving the property interest (the grantee) does not have any legal recourse if it turns out that the grantor had no valid title or interest to transfer in the first place.

This type of deed is often used in situations like transferring property between family members, in divorce settlements, or clearing up title issues, where the parties involved trust each other and are not seeking guarantees about the property. Since it is a straightforward and quick method of transferring ownership, it is particularly favored in informal situations or when dealing with existing relationships.

The other options do not accurately describe a quitclaim deed. Property taxes are addressed through separate documentation, a type of mortgage agreement pertains to securing a loan with property as collateral, and lease agreements are contracts related to renting property, none of which capture the essence of what a quitclaim deed represents.