what is a quitclaim deed in virginia
Quitclaim Deed. A quitclaim deed, also known as a deed of release, is a legal document used when someone wants to relinquish ownership or interest in real property. It is used to transfer jointly owned property to just one of the co-owners.
Quitclaim deeds must be signed by each co-owner and notarized by a Virginia notary. Quitclaim Deed Restrictions Although quitclaim deeds transfer the co-ownership of property to a sole owner, it does not relieve the grantor from any existing financial responsibilities or encumbrance on the property such as mortgage payments or tax liens.