quitclaim deed

Definition

A legal instrument transferring whatever ownership interest the grantor has, if any, without warranties or guarantees. It's the real estate version of 'here, take it, not my problem anymore,' offering zero protection to the recipient.

Example Usage

After the divorce, he signed a quitclaim deed removing himself from the title, making his ex solely responsible for the mortgage.

Origin

From legal term 'quit' meaning to release a claim

Fun Fact

Quitclaim deeds are beloved by scam artists because you can deed someone property you don't actually own—the deed is valid even if the claim isn't.

Source: Property transfer and title terminology

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rate lock

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title

The legal proof that you actually own a property, as opposed to just living there and hoping no one notices. It's the document (or more often, the abstract concept) that gives you the right to sell, modify, or otherwise lord over your real estate kingdom. Title issues are the stuff of homebuyer nightmares—turns out someone's great-uncle from 1847 might still have a claim to your kitchen.

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subject to

Buying property while leaving the existing mortgage in place under the original borrower's name. It's legally questionable, financially risky, and somehow still happens regularly.

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