Aquitclaim deedis a legal instrument which is used to transfer interest inreal property. The entity transferring its interest is called thegrantor,and when the quitclaim deed is properly completed and executed, it transfers any interest the grantor has in the property to a recipient, called thegrantee.Unlike most other propertydeeds, a quitclaim deed contains notitle covenantand thus offers the grantee nowarrantyas to the status of the property title.
Because of this lack of warranty, quitclaim deeds are most often used to transfer property between family members, as gifts, placing personal property into a business entity (and vice versa) or in other special or unique circumstances. An example use for a quitclaim deed is in divorce, whereby one spouse terminates any interest in the jointly owned marital home, thereby granting the receiving spouse full rights to the property.
The ease at which the quitclaim deed can be executed (it requires little more than both parties signing the document and having it notarized where required, and filed with the appropriate governmental agency with the proper fees paid) is partly to blame for the "quick claim" misnomer associated with the deed.
Please also see the Franklin County Deeds tab of this guide for information about the County Auditor and Recorder's Offices and their role in transfer and recording of real estate.