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What Is A "Quit Claim" deed?
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.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
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