Quitclaim deeds commonly used in divorce siutations
A quitclaim deed is an instrument that conveys all ownership rights to another co-owner of a property without guarantees.
"In plain English it means that whatever ownership interests I have I am giving it to you," said Robert Watson, attorney with Prairie State Title & Escrow in Brighton. "But it offers no guarantees like a warranty deed does."
Commonly used by married people seeking a divorce, in a quitclaim deed conveyance usually one spouse signs all his/her rights to the real estate over to the other. However it does not end one's obligation to re-pay a loan.
A quitclaim deed is sometimes called a quick claim deed, however quitclaim is the correct name.