Is it a Quickclaim Deed or a Quitclaim Deed?
Do you know?
I’ll wager when asked about this document, it is a 50/50 proposition as to which name will be used. It does “quickly” convey title to real property. It also “quits” any claim the grantor has to the title …
The correct answer is Quitclaim Deed.
Here’s the definition from Chicago Title:
Quitclaim Deed — A deed operating as a release; intended to pass any title, interest, or claim, which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor.
As you can see by the definition, this is not the deed used to take title for a standard purchase transaction in Arizona. Warranty deeds are most commonly used. With a warranty deed, the seller is guaranteeing that he or she has clear title and has the right to sell the property. This is not the case for a quitclaim deed.
Quitclaim deeds are commonly used in transactions between family members, to put property into Trusts, and for divorce decrees where one spouse quitclaims all interest in the property to the other spouse.
Chicago Title’s deed library is online for your convenience.
So remember, next time you’re having trouble with that crossword puzzle, it’s “quitclaim deed”, not “quickclaim deed”
And, of course, the always present disclaimer:
Please be cautioned that by completing and executing any deed, legal rights, duties and obligations are created. Parties should seek and obtain independent legal counsel as to all matters contained within the document being signed. This article is in no way advice as to which document is appropriate.