Definition
A quitclaim deed is a document that an owner may sign to relinquish all ownership rights to property that is transferred to another party.
Analysis
A quitclaim deed is commonly used when one family member transfers ownership of property to another family member. It does not necessarily establish that the previous owner had any ownership rights. A title search may still be required to confirm actual ownership.
An owner that transfers property by signing a quitclaim deed may still owe any outstanding financial obligations from an existing mortgage or any liens placed on the property. A quitclaim deed is different than a deed-in-lieu of foreclosure, which normally releases the owner from most financial obligations related to the property.
