What does a quitclaim deed accomplish?

A quitclaim deed serves a specific purpose in real estate transactions, primarily transferring ownership without providing any guarantees or warranties regarding the title. This means that when a property is conveyed via a quitclaim deed, the grantor (the person transferring the property) does not assure the grantee (the person receiving the property) that they have clear title to the property or any rights to it. The grantor effectively transfers whatever interest they may have, if any, to the grantee.

This type of deed is often utilized in situations where the parties know each other well, such as among family members, friends, or during divorce proceedings where one spouse relinquishes rights to the other. Since there are no warranties attached to the title, the grantee assumes the risk of any issues that may arise, that is, if the title is disputed or encumbered.

In contrast to this, other types of deeds, such as warranty deeds, provide guarantees and assurances about the title, making the quitclaim deed distinct in its function. Its lack of warranty ensures that it is a more straightforward, potentially quicker method for transferring property, but it does require the receiving party to undertake due diligence to verify the title's status.