Quit Claim Deed
A Quit Claim Deed is a real estate deed which is used to transfer interest in real property. The entity transferring their interest is called the grantor, and when the Quit Claim Deed is properly completed and executed, it transfers any interest the grantor has in the property, if any, to a recipient, called the grantee. (The legal definition of real property is land and the buildings on it.)
Quit Claim Deeds only transfer ownership of property but financial responsibilities stay with the one who signed for the loan.
Five things regarding Quit Claim Deeds to keep in mind:
- You’re getting the least amount of protection of any deed. A Quit Claim Deed conveys whatever interest the grantor currently has in the property, if any. It the grantor has zero interest in the property, the grantee is getting exactly zero interest in the property by virtue of the Quit Claim Deed and acquires no right of warranty against the grantor.
- Only accept a Quit Claim Deed from Grantors you know and trust. These deeds are commonly used to transfer property within a family, such as from parent to an adult child, or to transfer property from one spouse to the other in a Dissolution (Divorce) settlement where one spouse is taking possession of the marital home.
- They can be used to clear a title defect, a “cloud on the title” in the recorded history of a real estate title.
- They are as effective as a Warranty Deed to transfer title, but only if the grantor’s title is good.
- A Quit Claim Deed affects ownership and the name on the deed, but not the debt.
Contact an attorney at the Zolman Law Firm in St. Louis today for a free consultation to discuss the options that are available to you.