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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
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.