What does a "quitclaim" deed accomplish?

A quitclaim deed is a legal instrument used to transfer an individual's interest in a property to another party without providing any guarantees or warranties about the title. This type of deed simply relinquishes the grantor's claim to the property, meaning that the new owner receives whatever interest the grantor had—if any—without any assurance that the property is free of liens, encumbrances, or that the grantor actually held the title to begin with.

This allows for a straightforward transfer of rights, which can be beneficial in certain situations, such as transferring property between family members or correcting title issues, where the parties involved choose to forego the due diligence typically associated with more formal types of deeds. Because of this lack of any warranties, the quitclaim deed is often seen as a less secure method of property transfer compared to deeds that come with warranties.

The other options involve aspects of property transactions that a quitclaim deed does not address: warranty of title refers to assurances made by the seller about the property’s legitimacy, and loan agreements and tax requirements pertain to financing and financial obligations rather than the deed itself.