What’s a “quitclaim” deed?
A quitclaim deed is evidence that whatever rights someone has to a given property have been given to someone else.
For instance, I can give you a quitclaim deed to the Brooklyn Bridge. This means all my claims and rights to the bridge now belong to you. Don’t celebrate — I have no claims or rights. But if I did….
There are circumstances where a quitclaim deed may have value, but other — stronger — forms of title are generally preferred. If a quitclaim deed is suggested, make certain you understand what it means and how it impacts the value of what you are buying. Seek assistance from an attorney or legal clinic before accepting a quitclaim deed.
Also, NEVER give someone a quitclaim deed without first speaking with a local real estate attorney or legal clinic. The reason? You may be giving up important property rights, including ownership, with a quick and simple quitclaim deed. The result of such transfers can include big financial losses and massive tax claims.
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