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What is a Quit Claim?

Asked by 1, Janesville, WI Sat Aug 29, 2009

When looking up records for properties, I see a number of homes have Quit Claims; some have several and with differing amounts - one was even alot more than assessed value and the asking price.

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Jo,
I see no one answered your question yet....so let me try. First off, I am a Realtor, not an attorney, so if you want a technical answer, call an attorney, Basicially a Quit claim is given when one person is giving up their interest in a property to another...they are not warranting it...they are not saying that there are no liens against the property like judgements, back or current taxes etc. So the person getting the property with a quit claim deed is assuming all responsibility for any liens that may be against the property. This is common in a divorce, when one gives the rights up to the house to the spouse, or sometimes when a parent transfers the ownership to an adult child. If you are thinking of using this type of deed, please be sure to get legal advice first. If I can be of further service to you regarding Real Estate matters, please email me at Lforrestal@shorewest.com, and visit my website at http://www.RockCountyHomes.com for more answers to many questions.
0 votes Thank Flag Link Wed Oct 21, 2009
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