What is a quitclaim deed?

A quitclaim deed is a deed used to transfer property ownership when no sale is involved, according to Realtor.com, meaning that there is no money exchanged and no title insurance issued in the transaction. A quitclaim deed only affects property ownership, not the financial responsibility of a mortgage.

Quitclaim deeds are most commonly used when a name is added or removed from a title, such as after marriage or divorce, or when a property is gifted, such as when a parent gives a house to a child. Often the only documentation needed for a quitclaim deed is a description of the property, the date of transaction and the names of the parties involved in the transaction.