Question: What is a "quitclaim" deed?

Answer: A quitclaim deed means that whatever rights someone has are given to you.

For instance, I can give you a quitclaim deed to the Brooklyn Bridge. This means all my claims and rights to the bridge now belong to you. Don't celebrate -- I have no claims or rights. But if I did....

There are circumstances where a quitclaim deed may have value, but other -- stronger -- forms of title are generally preferred. If a quitclaim deed is suggested, make certain you understand what it means and how it impacts the value of what you are buying. Seek professional assistance before accepting a quitclaim deed.