One small correction. You say “The quitclaim deed is an instrument that conveys all ownership rights to another co-owner of a property without guarantees.” Not quite true. The quitclaim deed convey all ownership rights to any grantee. The grantee does not have to be a co-owner. It just happens to be used quite a bit with married couples, so you might get that impression. But often you will see a quit claim deed being recorded from a spouse to a purchasing spouse to show that only the purchasing spouse has an interest in the property.
All persons on the mortgage. FIRST, THE BASICS: A quitclaim deed is sometimes called a quick claim deed, however quitclaim is the correct name. The quitclaim deed is an instrument that conveys all ownership rights to another co-owner of a property without guarantees. Quitclaim deeds are commonly used by married people seeking a divorce. Usually one spouse signs all his/her rights to the real estate over to the other. Please understand that this device conveys ownership rights only and will NOT end an obligation to re-pay a loan.
A quitclaim deed conveys to the grantee all of the legal or equitable rights the grantor has in the property that existed at the time of the conveyance.
Grantor - The person or entity that owns the property and executes the deed conveying the property to another person or entity.
Grantee - The person or entity than receives title to the property.