A quit claim deed allows for the transferring of any rights to a property from a grantor to a grantee, according to SFGate. It is one of many different types of deeds used in real estate and among the ones that offer the least protection to the buyer.Continue Reading
Quit claim deeds are only used to transfer property rights and not mortgage debt, explains SFGate. These types of deeds are commonly used when real estate has been inherited and the new owner is transferring rights to another. The deeds guarantee to a buyer that the grantor relinquishes any future claim to the property, providing the buyer a legal guarantee against interference from a former owner.
However, this is one of the types of deeds that provides the least security for the buyer, because the grantor does not make a claim about the types of rights he has to the property and is transferring to the buyer, according to SFGate. As such, this type of deed is very susceptible to fraud, and if the grantor has no actual claims or rights to the property, then none are transferred to the new buyer. These types of deeds are useful when someone has a minor claim to a property that the buyer does not want to interfere with future plans for the property.Learn more about Credit & Lending