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A quit claim deed gives up what ever ownership interest the grantor has without making any representations as to the validity of that interest. For instance, I could quit claim Bryant-Denny Stadium to you. The deed would however be worthless, as I don't own any part of that.
It's best designed for when the ownership interest is uncertain. For instance, there may be a family property. I don't believe I inherited any of it, or if I did I don't want it. I can quit claim it to my cousin or whatever without having to worry. It's a "I don't know whether I own anything or not, but I want to officially make it so."
This is as opposed to a warranty (general or special) that makes some assurance that the grantor is actually transferring something that was granted to him. This gives you recourse against the grantor if it turns out to be fraudulent. If I traded Bryant-Denny Stadium to you on a warranty deed for a cow, you could get your cow back.
Not withstanding the type of deed, it behooves you to get owners TITLE INSURANCE on any property you acquire. They may be hidden defects in the chain of title. | 
11-13-2008, 11:26 PM
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