Quitclaim Deed: A deed that conveys only the grantor’s right or interest in real estate, without stating the nature of the rights and with no warranties of ownership.
Simply stated…If you know the ownership and just need to add or remove a legal owner, a quitclaim deed is an easy way to do so. Commonly seen in a divorce or marriage, but also if one partner obtains the mortgage in their name and wishes to add the other partner to the deed. Being added or removed does not relieve you or make you responsible for the mortgage. This is a separate document. For brief definitions of other terms, visit my Real Estate Glossary. |
