A quitclaim deed is a legal document that allows a grantor to transfer real property to a grantee. However, when transferring the property, the grantor does not make any warranties or promises about the property. Essentially, the grantor is conveying whatever interest he has in the property to you even if there is debt on it.
A quitclaim deed must:
- Be in writing
- Describe the property in question
- List the grantor and grantee’s names
Revoking a quitclaim deed is extremely difficult. In order for a grantor to contest a quitclaim deed, it must be shown that the deed was signed under fraud, duress or false pretenses. In other words, it must be shown that the grantor did not sign over his property voluntary and that he did not intend to convey the property.
The local government tends to use quitclaim deeds when they are selling foreclosed property. Also, persons transferring property to their living trusts use quitclaim deeds. Lastly, some may use such to escape liability from mortgage payments they own with a spouse.
If you want to use a quitclaim deed for a property transfer, please contact an experienced real estate lawyer to determine whether it is appropriate. If not, then the lawyer can suggest another type of deed.