A Quit Claim Deed is a type of real property (i.e. land or a building like a house or apartment) deed where the grantor or owner of the property transfers (grants) their portion of interest in the property in which the grantor has title. A Quit Claim Deed is often used to change who is listed as the owner on the title to the property. For example, the Quit Claim Deed is often made by family members, divorcing spouses, or in other exchanges of property between people well-known to each other. Although the Quit Claim Deed transfers rights to the title of the property, it does not transfer obligation for the mortgage of the property. The Quit Claim Deed does not guarantee that the property is free of debt and it does not guarantee that no one else claims to own the property. |