What is a Quitclaim Deed?
A quitclaim deed is a legal instrument by which the owner of a piece of real property, called the grantor, transfers his interest to a recipient, called the grantee. The owner/grantor terminates ("quits") his right and claim to the property, thereby allowing claim to transfer to the recipient/grantee.
Quitclaim Deeds are versatile and can be used to add or remove someone from the title, change ownership from joint tenants to tenants in common, or clear up problems with the title. In a situation where there are two or more Grantees specified in a deed, the type of tenancy desired must be specified. If the parties hold title as "joint tenancy" then upon the death of the co-owner, the interest of this person would pass automatically to the surviving co-owner or owners (right of survivorship). Alternatively, if the parties hold title as "tenants in common", then upon the death of a co-owner, the decedent's interest passes to and through the decedent's estate.