Quitclaim Deed

A deed does for real estate what a car title does for vehicles: it provides proof of ownership for a piece of property. Going up to the Yukon to pan for gold? Better have a deed to your gold claim.

Most deeds fall under the category of "warranty real estate deed." Transferring a deed moves ownership from one party to another. It also comes with a lot of stipulations. It affirms that the person transferring the property actually owns it and has the right to sell. Basically, the person (or company) receiving the property gets a series of protections and guarantees.

A quitclaim deed is like the watered-down version. Or...think of it like the Wild West version, a short step above transferring property by spitting into your palm and shaking hands. (Perfect for a Yukon gold claim).

The quitclaim deed is a written document (no need for spit-splattered palm-pressing), but it leaves out many of the long list of protections included in the warranty version of the deed transfer. It makes it faster and easier to conduct a real estate transfer, but creates some risks for the buyer. There are no guarantees about the seller's title, and it only transfers their share of the property. If there are other owners of the real estate, they might still have a claim.