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It is often used to gift property. For this reason, quitclaim deeds in California are most often used for more informal transactions where the level of trust between parties is high or where both parties are familiar with the legal status of the property.
If you choose to quitclaim a property, you lose all rights to the property, but it does not release you from any related financial obligations. A quitclaim deed is a legal document that releases a personâs interest in a particular piece of property, and it becomes effective as soon as you sign it.