Quit Claim Deeds are documents used to transfer ownership of property. One person stops or quits any interest or claim to the property allowing his or her claim to transfer to someone else.
Because Quit Claim Deeds do not offer the buyer a warranty on the title, they are most often used to transfer ownership of property when the property is conveyed as a gift or during a divorce.
The term Quit Claim is used in the deed because the seller quits his claim or interest and transfers ownership in the property to the buyer. A Quit Claim Deed does not provide any guarantee or warranty that the seller owns the property, it just conveys whatever interest he has when the deed is executed.
Quit Claim Deeds are Useful During a Divorce
Quit Claim Deeds are especially useful during divorce proceedings. A Quit Claim Deed is one of the easiest ways to legally transfer ownership of real property. It is also an inexpensive and fast way for property owners to transfer title.
One of the biggest advantages of a Quit Claim Deed during a divorce is that it does not need to be prepared by an attorney. A Quit Claim Deed is one of the easiest ways to legally transfer ownership to a spouse. You can do it yourself and same tons of time and money.