16:01
eek
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
quitclaim
Read a random definition: corporate-mortgage trust
A quick definition of quitclaim:
A quitclaim is a legal document that releases someone's claim or right to something. It can also refer to the act of giving up that claim or right. For example, if someone owns a piece of property but decides they no longer want it, they can use a quitclaim deed to transfer ownership to someone else. Quit rent is a historical term for a payment made to a feudal lord by a tenant, while a quittance is a document that proves someone has been released from a debt or obligation. Finally, "qui utuntur communi jure gentium" is a Latin term that refers to those who follow international law.
A more thorough explanation:
Definition: A formal release of one's claim or right. To relinquish or release a claim or right. To convey all of one's interest in property, to whatever extent one has an interest.
Example: John and Jane were getting a divorce. As part of the settlement, John signed a quitclaim deed to give up his interest in the family home to Jane. This means that John is giving up any claim or right he had to the property, and Jane now owns it completely.
Explanation: In this example, John is relinquishing his claim or right to the family home by signing a quitclaim deed. This means that he is giving up any ownership interest he had in the property, and Jane now owns it completely. Quitclaim deeds are often used in divorce settlements or when transferring property between family members.