Closings glossary
Quitclaim deed
A deed conveying the grantor's interest without warranties. It proves nothing about what the grantor owned, so it is used where the parties already know the answer.
What is a quitclaim deed used for?
Quick Answer
The full definition
A deed conveying the grantor's interest without warranties. It proves nothing about what the grantor owned, so it is used where the parties already know the answer.
Where does quitclaim deed come up in a New York City closing?
A Brooklyn heir signs a quitclaim deed releasing her one-third interest so the surviving sibling can deliver full title at the sale.
What else should you read before closing?
In the glossary
- DeedThe instrument that conveys real property. Signature, acknowledgment and delivery make it effective between the parties, while recording is what pr...
- Bargain and sale deedThe deed form used in most New York transfers. It passes the seller's interest with limited or no warranty of title, commonly with a covenant again...
- Grantor and granteeThe two sides of a conveyance: the grantor gives the interest and the grantee takes it. Both names index the instrument in the public record.
- Chain of titleThe sequence of recorded conveyances of a property, from an earlier known owner to the present one. Gaps and defective links in the chain are what ...
- RecordingFiling an instrument with the register or county clerk so it becomes part of the public record. Recording establishes priority against later purcha...
Questions this raises
The statute itself
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