What does a quitclaim deed transfer?

A quitclaim deed transfers the grantor's interest in the property to the grantee without any warranties or guarantees regarding the title. This means that the grantor does not guarantee that they own the property or that the property is free of liens or other encumbrances. The grantee receives whatever interest the grantor has at the time of the transfer, which could be nothing at all. This type of deed is often used in situations where the parties know each other, such as between family members or in divorce proceedings, where the parties agree to transfer property without the need for extensive legal assurances.

The other options do not accurately represent the nature of a quitclaim deed. For instance, the deed does not transfer only the property structure, it pertains to the interest in the property as a whole, which includes both land and structures. It also does not convey full ownership rights in the sense implied by the question, because ownership is contingent on what the grantor actually owns at the time of the transfer. Finally, a quitclaim deed does not involve the buyer's commitment to purchase; it simply reflects the transfer of the grantor's interest without any obligations or promises attached.