When you say “Quick” – people think that it is a way to make things move fast. In a fashion, it does, but it doesn’t describe its function. “Quit” is the critical word, in that it accurately describes what is going on. It also helps define what makes it different than a Warranty Deed.
Any deed will transfer an interest in land from the grantor to the grantee, but a “Quit Claim” deed provides no warranty at all to the buyer. The grantor is only providing the grantee interest he may have in the property; none, some, or all.
What the grantor is not telling the grantee with a Quit Claim deed is:
‐ That he owns ALL the interest in the property (there may be others owners he is or is not aware of – you are only getting his interest).
‐ That there are no liens, judgments or other encumbrances against the property.
‐ That the grantor has any interest in the property at all (I can “Quit Claim” the Brooklyn Bridge if I want. It just means I am giving you 100% of my 0%).
In summary, with a Quit Claim deed you are only getting whatever interest the grantor has, if any, without any guarantees. Because of the limited nature of a Quit Claim deed, except in a few very narrow cases, an underwriter will not write Title Insurance on a Quit Claim deed alone. If you find yourself in a transaction where the seller offers only a Quit Claim deed, let us know early and we will help you review your options. It does not have to be a deal killer in all cases – just most.
My Agent Greg 