Understanding the Quitclaim Deed

There are many types of deeds and they are not all used for the same purposes. Different situations call for different deeds. Deeds of trust, special warranty deeds, general warranty deeds — the list could go on. In today’s blog post, we are exploring one particular type of deed: the quitclaim deed. Quitclaim deeds are semi-informal documents that you can speedily transfer between entities.

What does the word “deed” even mean?

A deed is a legal form that documents the transfer of real estate property between parties. Deeds can include information about the property as well as notarized signatures from each grantor and grantee (the buyer/grantee and seller/grantor of the property).

How is a quitclaim deed different from other deeds?

Unlike most other types of deeds, quitclaims do not include assurances that the property in question is in fact fully owned by the grantor. This means that when a quitclaim deed is used, the grantee receives the title at face value. In other words, the person buying the real estate does not have any guarantee that the person selling it to them actually owns it or has an interest in it. The grantor is then protected from any litigation involving any potential lawsuits claiming that he or she lacked actual interest in the property.

Why are quitclaim deeds used?

As you can see from the paragraph above, the use of quitclaim deeds is risky for the buyer. However, these deeds can be helpful when you want to transfer property between family members who know and trust one another. Quitclaim deeds make it easy to add or remove co-owners to a property’s title, or even shift property between divorcing spouses. It is also possible to move property into a trust.

Review with an Attorney

Despite the speed and ease with which they can be used, quitclaim deeds are still important legal documents and it is advisable to have a real estate attorney review them. The Auricchio Law Office team is here for you If you have questions about quitclaim deeds or want to partner with our firm, please contact us today. We can’t wait to hear from you!

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Auricchio Law Offices

Auricchio Law Offices in Chicago provides a complete range of real estate services. We facilitate residential and commercial real estate transactions, advise and represent condominium associations, and represent property owners in real estate litigation. Whatever your real estate issue, we will work diligently to achieve your goals in a timely and efficient manner.

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