What does a quitclaim deed convey?

A quitclaim deed conveys any interest, title, or right to a parcel of land that the grantor has at the time of execution. This type of deed is commonly used to transfer property when the grantor does not wish to make any warranties about the quality of the title. The grantor simply relinquishes any claims they have to the property, but does not guarantee that they hold clear or valid title. Therefore, the recipient of a quitclaim deed takes on any potential risks associated with the property.

In contrast, exclusive ownership with no claims, as indicated in another choice, implies a level of certainty and warranty that a quitclaim deed does not provide. The option referring to a lease agreement mischaracterizes the nature of a quitclaim deed, which is specifically about transferring ownership rights rather than leasing. Lastly, the warranty of ownership is a feature of warranty deeds, which offer protections and guarantees regarding the property title that are absent in a quitclaim deed. Thus, the correct option accurately captures the essence of what a quitclaim deed conveys.