A quitclaim deed—also known as a quitclaim—is a deed that transfers whatever interest the grantor (purported owner) has in a piece of real property to the grantee (buyer)—but does not represent or warrant that the grantor’s title (ownership) is valid (that the grantor has any ownership interest in it) or free from liens or encumbrances.

A quitclaim deed only purports to convey the grantor’s present interest in the land (if any) and does not purport to convey the land itself. Thus, if the grantor were to acquire an interest in the land after executing (signing) a quitclaim deed, the grantor would retain that interest, as the grantor did not have it at the time the grantor executed the quitclaim deed.

In New York, a quitclaim deed is a legal instrument used to transfer a grantor's rights, title, and interest in a property to a grantee, without any warranties of title. The grantor of a quitclaim deed in New York does not guarantee that they hold valid title to the property or that the property is free from other claims or liens. Essentially, the grantor is saying 'I am not guaranteeing that I own any interest in this property, but if I do, I'm transferring it to you.' This type of deed is often used among family members or to clear up title issues, as it is a quick and simple way to transfer property without the assurances typically provided in a warranty deed. It is important to note that if the grantor acquires any interest in the property after the quitclaim deed has been executed, the grantor retains that interest because it was not owned at the time of the transfer. Due to the lack of guarantees with a quitclaim deed, it is recommended to conduct thorough due diligence and possibly consult with an attorney before accepting such a deed.