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What is a Quit Claim Deed (QCD)?
Dated: February 10 2023
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What is a Quit Claim Deed?
A quitclaim deed is a type of legal document used to transfer ownership of a property from one person (the grantor) to another person (the grantee). It is called a "quitclaim" because the grantor is quitting any claim or interest they have in the property, and transferring whatever rights they have to the grantee.
Unlike a general warranty deed, a quitclaim deed does not guarantee that the grantor has any ownership rights in the property, or that the property is free from any liens or encumbrances. In other words, the grantee is taking the property "as is" and is not protected against any claims from others who may have an interest in the property. The grantor may not have the right to transfer the property to the grantee. Any claim or liens could pass to the grantee.
Quitclaim deeds are typically used in situations where the grantor and grantee have a close relationship and trust each other, or when the grantor has no interest in the property and simply wants to transfer ownership. Some examples of situations where a quitclaim deed might be used include divorce settlements, the transfer of property between family members, or the transfer of property to a former business partner.
If anyone asks you to sign a QCD as a condition of accepting an offer to purchase or sell real property, seek immediate legal advice from a real estate attorney who is a member of the North Carolina Bar Association.
Ricardo Cobos
About RicardoRicardo Cobos - Real Estate Agent & Mortgage Lender in Garner, NCAs a dedicated mortgage lender and real estate agent, I’m passionate about helping buyers and sellers in Garne....
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