Quit Claim: Canada Debt .ca defines Quit Claim

Bankruptcy Term Quit Claim

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Canada Debt has the definition to the bankruptcy and debt term Quit Claim. Finding answers to terms such as Quit Claim can be difficult, especially if there is more than one definition which is why we have created a page dedicated to financial terms dealing exclusively with debt. Quit Claim in financial terms means...

In debt and bankruptcy terms, the phrase / term 'Quit Claim' is used as follows:

A deed releasing interest in real property. Sometimes, when a Trustee has real property vested in him pursuant to the bankruptcy and there is no equity in that property, he may quit claim it to the mortgage holder, thereby saving the mortgage holder time and expense. The Trustee should charge the mortgage holder for executing this deed.