What are quitclaim deeds?

In practice, Quitclaim Deeds are used when a party seeks to transfer the title of real property to another party. The Grantor, is the party that is transferring their interest in the property to the Grantee, who is receiving interest in the property. Quitclaim Deeds are often used for a variety of reasons. They can be used to transfer title, change the verbiage in the original deed, add remainderman, or add a spouse to the deed. A Quitclaim deed does not give the grantee a warranty on the property title. Whereas other deeds such as a general warranty deed assure the grantees that the property has clean title, with no liens or judgements against it. There are various important elements to consider when transferring title through a Quitclaim deed. One element is documentary stamp taxes, which are due at the time of ownership change. The documentary stamps are based on the outstanding mortgage of the property or the purchase price of the property, and the tax rate is 70 cents for every $100. When a Quitclaim deed is prepared by an attorney, it is required that only the grantor sign the new deed. Once the deed is prepared, signed by the grantor, and notarized it is sent to the county to be recorded.​

Quitclaim Deed​

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