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Posted on August 25, 2021 in Firm News
A Quit Claim Deed is used to transfer ownership of real property. The grantor (owner of property) will transfer ownership to grantee (the person receiving the interest). When the quit claim is fully executed the grantor has transferred all their interest in the property. A quit claim does not contain any warranties to the grantee. The Grantee does not have any recourse against the Grantor. General and special warranty deeds contain a guarantee that the grantor has legal title.
A Quit claim is most often used to transfer interest between family members, spouse, and children. It is also used in transferring legal ownership to a Trust, LLC or a Corporation.