Quitclaim Deed - definition, purpose and common use in real estate.
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In Florida, a quitclaim deed is a legal document by which a person/entity (grantor) transfers their ownership interest in a property to another (grantee) without any warranties as to the quality of its title.
Ownership interest in a property refers to the real estate rights that are held by its owner or owners.
Purpose & Use
A title transfer using a quitclaim deed is generally fast (it's also known as a "quick claim deed") and is used between parties who already know and trust each other. It must be notarized and recorded by the county to be considered valid.
A quitclaim deed is commonly used when the parties already know and trust each other.
It is a common method for transfers to/from:
• family members (as a gift)
• a business/company or trust
• a spouse (marriage)
• an ex-spouse (divorce)
But for a traditional sale of residential real estate, a "warranty deed" is used to convey ownership to the buyer.
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Quitclaim Deed in Florida Real Estate | This blog is for informational purposes only and does not constitute legal advice.
