Final answer:
A quitclaim deed is used to terminate any interest that the grantor may have in a specific real estate property. It involves no warranties and is straightforward to use for transferring property rights, often within families or to fix title issues. If possession cannot be granted on time due to unforeseen circumstances, both parties have the right to cancel the agreement with all sums paid refunded.
Step-by-step explanation:
A quitclaim deed terminates any interest in the real estate described in the deed which may be held by the grantor. This type of deed is often used to transfer property between family members or to cure a title defect. It offers no warranties regarding the validity of the title, but it releases any interest the grantor may have in the property.
If a property owner is unable to deliver possession of the property to a buyer or tenant on the agreed date, due to unforeseen circumstances such as loss or destruction of the property or a prior occupant's failure to vacate, the agreement can be canceled by either party. This cancellation must be communicated through written notice.
In case of cancellation, neither the resident nor the owner holds liability towards each other, and any payments made under the agreement will be fully refunded. If neither party opts to cancel the agreement despite the delay, the agreement would then commence on the actual date when possession is granted, and payments would be prorated accordingly.