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What Is a Quitclaim Deed?

A quitclaim deed is a particular type of deed. This type of deed transfers any kind of interest the grantor may have in the property he owns and then transferring that interest to the grantee.

A deed, by definition, is a document that transfers the interest of a person on a property and giving the claim or interest to the grantee. A deed is technically a real estate contract. A quitclaim deed has an important limitation. Because this type of deed will only transfer the rights the grantor has on the property, it does not carry a guarantee that the property is now the grantee's. Thus. is means that if there are other interested parties who have not signed the deed, then this mean that their rights are not affected by the document. They will still have the ownership. The signed quitclaim deed, thus makes it a very simple method of giving up interest in a property.

A quitclaim deed can be considered as a barebones kind of deed when compared to other deed deed types, like a general warranty deed. The general warranty deed will not only transfer the interest a grantor may have on a property, it comes with six covenants: A covenant of seisin that ensures the grantor really has ownership; a covenant of right to convey, which gives the grantor the power to convey the interest in the land; covenant against encumbrances to ensure the title has no encumbrances; covenant for quiet enjoyment, ensuring that no third parties will lay legal claim to the title; covenant of warranty so that the grantor will back up the grantee's rights in case of a dispute; and a covenant for further assurances.

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