What is the purpose of a quitclaim deed?

A quitclaim deed is specifically designed to transfer an individual's interest in a property without providing any warranties or guarantees regarding the title. This means that the person transferring the interest (the grantor) does not assure the recipient (the grantee) that the property is free from encumbrances or that the grantor has valid ownership. The primary purpose of a quitclaim deed is to facilitate the transfer of interest quickly and simply, often in situations such as divorce settlements or transferring property between family members. Because it does not provide any warranties, it is considered a much less protective instrument for the grantee compared to other types of deeds like a warranty deed, which assures that the title is clear and free of any claims.

In contrast, the other options pertain to different legal instruments or purposes that do not align with the function of a quitclaim deed. For example, transferring property with a warranty typically involves a warranty deed, while securing a loan generally involves a mortgage or deed of trust. Documenting tenant rights is separate from property transfer and would typically require a lease agreement or rental contract. Therefore, option B accurately describes the quitclaim deed's function within real estate practice.