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Tuesday, August 01, 2006

Quitclaim deed

A document that can be used to both transfer ownership of property and to release a person’s claim on a property

Out of all the deeds used to exchange ownership of a home, quitclaim deeds are used the least since they do not give buyers a firm assurance that the seller is the home’s legal owner. Quitclaim deeds are usually used to clear up a variety of simple ownership (title) issues.

For example, Mr. and Mrs. Jones buy a home together, but 10 years later Mrs. Jones wants to separate and wants nothing to do with the property. She just has to sign a quitclaim deed to release her claim on the property.
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