by 
The Curious Bag
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There are different types of deeds used to transfer ownership in real estate. The two most frequently used deeds are the warranty and quitclaim deeds. Each of these deeds have different legal significance. If you are buying, selling or otherwise transferring real estate, you need to understand the purpose of a quitclaim deed.
Function
A quitclaim deed allows for a swift transfer of an interest in real estate. There is no title search or other steps taken in advance of conveying title through a quitclaim deed.
Features
A quitclaim deed transfers an interest in real estate "as is." In other words, there is no guarantee or warranty that the title is free of liens or other defects.
Significance
A quitclaim deed commonly is used to transfer property between family members, including spouses in divorce proceedings.
Considerations
If you are buying real estate from a third party, a quitclaim deed likely is not suitable. You want the guarantee of a warranty deed that the title is free and clear of liens or other encumbrances.
Warning
If you accept title to real estate through a quitclaim deed, any creditor or other party with a lien on the property has the ability to seek foreclosure on the real estate.
Source:
"Complete Guide to Real Estate;" Don Sausa; 2007
Resource:
American Bar Association: Section of Real Property Law
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