Definition - What does Quitclaim Deed mean?
Quitclaim Deed is a legal document which talks about the transfer of any mineral rights, royalty interests and overriding royalty interest owned by any royalty interest owner to oil and gas mineral acquisition organizations or any drilling organization with no warranty of title. The entity who owns the mineral rights is called the grantor and when the grantor transfers royalty interests to another entity, that other entity is called grantee.
Petropedia explains Quitclaim Deed
A Quitclaim Deed mostly relates to the transfer of mineral rights ownership. Also known as a legal document between a grantor and grantee, this document does not contain any title covenant and thus it offers no warranty of title to the grantee. It means that the grantor holds no guarantee whether he/she actually owns any minerals in his property during the minerals rights transfer to the grantee. In case the grantee receives no actual interest, then, because of no warranty of the quitclaim deed, he/she cannot file a legal recourse to recover any loses.