“QUITCLAIM DEED”
A quitclaim deed is a legal document used in real estate transactions. It quickly and simply transfers ownership interest in a piece of property. Although rarely used to transfer titles in commercial real estate sales, they are more common in transferring real estate to a living trust. However, they are not a perfect fit for everyone. One drawback is that a quitclaim deed does not guarantee the property in question is free from title defects such as tax liens or title claims from third parties. Another downside is that the grantor in quitclaim deed does not need to provide proof of ownership, such as the title.
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