Definition - What does Quitclaim Deed mean?
A quitclaim deed is a deed that a grantor signs over to another person, and releases his or her ownership of the property. Quitclaim deeds do not validate that the owner actually owns the property. Quitclaim deeds simply transfer ownership. So, if the ownership was true, then the new owner actually owns the property. If the ownership was false, then the new owner may have his or her property rights disputed by another party. Either way, the grantor of the quitclaim deed relinquishes any interest in the property with the signing of the quitclaim deed.
Justipedia explains Quitclaim Deed
Quitclaim deeds are a good way to quickly transfer ownership. They are commonly used in situations where each party already trusts one another and are both fully aware that the grantor actually does own the property. For example, a father may issue a quitclaim deed to his daughter.
However, in situations where neither party knows each other, and the true ownership of the property has not been authenticated, a quitclaim deed can be a major risk for the receiving party. In this case, the receiving party may benefit buy purchasing title insurance.