Nevada Quitclaim Deed

This Nevada Quitclaim Deed serves as a fast and effective way to transfer property ownership from one person to another, or to a company. But it lacks legal protections that are in place normally, to protect the grantee (recipient) of the real estate from liens, encumbrances and other legal hangovers from the last owner.

Quite literally, a quitclaim deed allows one owner to "quit their claim" to a piece of real estate. For example, if two siblings own a property together, and it requires $50,000 in repairs, one sibling might quitclaim their half of the property ownership to other sibling, washing their hands of the whole affair.

Recording a Nevada quitclaim deed does not require that a title search was run, or even that a settlement took place, for that matter. Normally, a title company verifies all the liens against a property, along with deed restrictions, encumbrances, rights of way and other potential clouds on the title. This protects the grantee, but it is timely and expensive.

In some cases, usually where the grantor and grantee know and trust one another, it is not necessary to undergo a full title search. Likewise, when the current owner wants to merely change the ownership from one form of legal ownership to another (e.g. from their personal name into an LLC), a Nevada quitclaim deed can be the perfect instrument.

Still, buyer beware: quitclaim deeds come with unusual risks and little guarantee of the state of the deed and title.

IMPORTANT A "Declaration of Value" form must be attached to all Quitclaim Deeds.