Quitclaim: Difference between revisions
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{{Property law}} |
{{Property law}} |
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A '''quitclaim deed''' is a type of document by which a person (the "grantor") disclaims any interest the [[Conveyancing|grantor]] may have in a piece of [[real property]] and transfers that interest to another person (the [[grantee]]). By contrast |
A '''quitclaim deed''' is a type of document by which a person (the "grantor") disclaims any interest the [[Conveyancing|grantor]] may have in a piece of [[real property]] and transfers that interest to another person (the [[grantee]]). By contrast the deeds normally used for real estate sales (called [[grant deed]]s or [[warranty deed]]s, depending on the jurisdiction) contain warranties from the grantor to the grantee that the title is clear or that the grantor has not placed certain kinds of encumbrances against the title. The exact nature of the warranties varies from jurisdiction to jurisdiction. Quitclaim deeds are sometimes used for transfers between family members, gifts, placing personal property into a business entity, to eliminate clouds on title, or in other special or unusual circumstances. They are usually not used as the deed from a seller to a buyer. |
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A common use for a quitclaim deed is a [[divorce]] in which one party is granting the other full rights to, and eliminating any interest in, a property in which both parties held an interest. If a husband and wife own a home and divorce, and the wife acquires the home in the divorce settlement or court decision, the husband would execute a quitclaim deed to the wife to eliminate the husband's interest in the property. |
A common use for a quitclaim deed is a [[divorce]] in which one party is granting the other full rights to, and eliminating any interest in, a property in which both parties held an interest. If a husband and wife own a home and divorce, and the wife acquires the home in the divorce settlement or court decision, the husband would execute a quitclaim deed to the wife to eliminate the husband's interest in the property. |
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Revision as of 03:24, 23 January 2011
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| Property law |
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| Part of the common law series |
| Types |
| Acquisition |
| Estates in land |
| Conveyancing |
| Future use control |
| Nonpossessory interest |
| Related topics |
| Other common law areas |
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Higher category: Law and Common law |
A quitclaim deed is a type of document by which a person (the "grantor") disclaims any interest the grantor may have in a piece of real property and transfers that interest to another person (the grantee). By contrast the deeds normally used for real estate sales (called grant deeds or warranty deeds, depending on the jurisdiction) contain warranties from the grantor to the grantee that the title is clear or that the grantor has not placed certain kinds of encumbrances against the title. The exact nature of the warranties varies from jurisdiction to jurisdiction. Quitclaim deeds are sometimes used for transfers between family members, gifts, placing personal property into a business entity, to eliminate clouds on title, or in other special or unusual circumstances. They are usually not used as the deed from a seller to a buyer.
A common use for a quitclaim deed is a divorce in which one party is granting the other full rights to, and eliminating any interest in, a property in which both parties held an interest. If a husband and wife own a home and divorce, and the wife acquires the home in the divorce settlement or court decision, the husband would execute a quitclaim deed to the wife to eliminate the husband's interest in the property.
Quitclaim deeds may also be used in some jurisdictions in cases of tax deed sales where property is auctioned off to pay outstanding tax debt. The auctioning body is usually a local government, which claims no interest in the property whatsoever, but is selling it only to recover the back taxes without providing any other warranties of title.