The grantor of a real property can transfer any and all rights that the owner may or may not have to the recipient or grantee. With this, the owner terminates their right to the property.
These are often used between members of the same family or between two parties that know each other very well. There is also a lack of warranty, so the grantee is responsible for all aspects and interest of the property. It is common for this kind of transfer is used for gifts between family members, stay under the same name or even to be transferred from a business to personal entity.
In tax situations, some jurisdictions allow the quitclaim deed to be used in a tax deed sale to recover the homeowners tax debt that is currently outstanding. Regardless of the reason, it is important to know exactly what you are getting when receiving a quitclaim deed. The grantor may or may not have all of the rights to the real property and you may be subject to relinquish rights to the property if it is discovered that the term are not substantial or correct.
If you have anymore questions about quitclaim deeds, please feel free to contact us.
