A quitclaim is a legal document that transfers the ownership or interest in a property from one party to another, relinquishing any claim or interest the transferring party may have. It is often used in real estate transactions or to settle disputes over property ownership.
Example
An individual who co-owns a property with another person signs a quitclaim deed to transfer their ownership interest to the other party, effectively giving up any rights or claims they had to the property.