The function of a quitclaim deed is to transfer any interest that the grantor has in a property without making any guarantees about the quality of that title. This means that the grantor is not assuring the grantee that the title is free from defects or issues; they are simply conveying whatever interest they may have, if any. This type of deed is often used in situations where the parties know each other well, such as in family transfers, or in cases where the transfer is between parties who are aware of any existing title issues.
Unlike a warranty deed, which provides a guarantee that the title is clear, a quitclaim deed does not offer such assurances, making it a less formal and less secure method of transferring property ownership. This characteristic is particularly useful in situations where the parties trust each other to resolve any potential title issues that may arise.
In contrast, the other options involve functions that are distinct from what a quitclaim deed accomplishes. A quitclaim deed does not create a lease agreement or establish a mortgage contract, and it certainly does not function to transfer ownership with warranty. Understanding these differences highlights the specific role of quitclaim deeds in property transfers.