What Is a Quitclaim Deed? Everything You Need to Know
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What does a Quitclaim deed do?
A deed transfers an ownership interest in a property. Deeds offer varying levels of protection for both the grantor and the grantee. Regardless of the type of deed, a grantee is most protected when they obtain title insurance. This is in case something later calls the grantor’s right to transfer title into question.
Adam Leitman Bailey of Adam Leitman Bailey, P.C., suggests being cautious when using a quitclaim deed. “Sellers may use quitclaim deeds instead of warranty deeds when they may not be familiar with the property, worry about a possible title defect, or think there isn’t clean ownership of the selling property. If a seller insists on using a quitclaim deed instead of a warranty deed, the buyer should purchase title insurance and remain wary of the transaction.”