quitclaim deed - Business Definition
The American Heritage® Dictionary of Business Terms Copyright © 2010 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
A deed that transfers an ownership interest in real property but makes no guarantee regarding title to the property. For example, a divorced spouse uses a quitclaim deed to transfer ownership of a home to the former partner. A quitclaim deed makes no guarantees regarding the possibility of other ownership interests in the asset.
quitclaim deed - Legal Definition
An instrument which transfers all of the right, title and interest that the conveyor has in a piece of property, but with no warranty or assurances that the conveyor has good and legal title; risk of liens or encumbrances pass to the transferee.
Variant of quitclaim
- the release or relinquishment of a claim, action, right, or title
- a deed or other legal paper in which a person relinquishes to another a claim or title to some property or right without guaranteeing or warranting such titlein full quitclaim deed
Origin: Middle English quitclayme ; from Anglo-French quiteclame ; from the verb
to give up a claim or title to, esp. by a quitclaim deed
Origin: ME quite clamen < Anglo-Fr & OFr quiteclamer: see quit & claim