Resources > Glossary > Quit Claim Deed

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Quit Claim Deed

Function: noun

Definition 1:
A legal document which transfers a property to the buyer or owner, whatever interests in the property are held by the maker of the deed. A Quit Claim Deed does not guarantee that those interests are valid. By accepting such a deed, you accept the risk that someone may later appear with a valid claim to your property. A Grant Deed on the other hand, guarantees from grantor to grantee that the title is clear. An example of a circumstance where a quitclaim may be used is where one spouse is disclaiming any interest in property that the other spouse owns. Of the different types of deeds, the quitclaim has the least assurance that the grantee receiving it will actually get any rights. A quitclaim deed does not release the party quitting claim to real property from their obligations in any mortgage or other lien secured against the pertaining property.

Definition 2:
A Quit Claim Deed is a common, but not standard document in a loan document package. Sometimes, ownership has to be transfered or someone needs to be taken off a Deed before a loan can officially go through. Quit Claim Deeds are always notarized using an Acknowledged signature and the signer must always be positively identified by the notary public for security purposes. Some states also require the notary to take fingerprints in their notary journal for Quit Claim and other Deeds effecting real property.