The main purpose of the quitclaim deed is to relinquish rights or interests from one person to another, usually family members or spouses. In other words, a quitclaim deed transfers whatever interest an individual has in the property and no more.
A quitclaim deed differs from a grant deed in that a quitclaim has no warranties or guarantees of title. A quitclaim deed is utilized in certain situations usually involving family members. For instance, one spouse may use a quitclaim deed to transfer any interest he or she may have in property to another spouse.
The deed may even be required by the divorce court as part of a property settlement. A quitclaim deed may be used to transfer property into a living trust.