Business Definition for: quitclaim deed
quitclaim deed
document in which title, claim, or ownership of property or an estate is relinquished to another, without representing that such title is valid. Usually it contains no covenant or warranty against outstanding claims of previous lien holders.
quitclaim deed
a
deed
that conveys only the
grantor's
rights or interest in real estate, without stating the nature of the rights and with no
warranties
of ownership. Often used to remove a possible
cloud on the title
. Contrast with
general warranty deed
.
Example: It is discovered during a
title
search that a certain property was at one time held by a
partnership
that later abandoned the property. To obtain a
marketable title
, the current owner obtains quitclaim deeds from all partners in the old partnership.
quitclaim deed
deed
that conveys only that right, title, or interest that the grantor has, or may have, and does not warrant that the grantor actually has any particular title or interest in the property. The grantor under a quitclaim deed releases whatever interest he may have to the grantee.
See also
cloud on title
,
general warranty deed
Related Terms:
any document, claim, unreleased lien, or encumbrance that may superficially impair or injure the title to a property or make the title doubtful because of its apparent or possible validity. Clouds on title are usually uncovered in a title search. These clouds range from a recorded mortgage paid in full, but with no satisfaction of mortgage recorded, to a property sold without a spouse's release of interest, to an heir of a prior owner with a questionable claim to the property. The property owner may initiate a quitclaim deed or a quiet title proceeding to remove the cloud on title from the record. Also called bad title.
deed in which the grantor agrees to protect the grantee against any other claim to title of the property and provides other promises.
Referring Terms:
Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright © 2004, 2000, 1997, 1993, 1987, 1984 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright © 2007, 2000, 1997, 1987, by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.