A document that releases a party from any interest in a piece of real estate. Quitclaim deeds come into play for a variety of reasons. Frequently one spouse may be removed from the deed if they have poor credit and inhibit the ability for the home to be refinanced.

Even in community property states removing a spouse by way of quitclaim eliminates their rights to the property.

Bankapedia's Take

Beware of signing a quitclaim deed if you are married.  If you reside in a community property state and sign a quitclaim deed, removing yourself from the deed, you WILL NOT retain half ownership of the property.

We at Bankapedia had recently heard a story of a couple in Nevada(a CP state) going into a mortgage broker to refinance their loan as rates had dropped significantly since they initially mortgaged their property. The husband had much better credit than his wife and given he was the primary bread winner, it was suggested the loan be exclusively in his name. This way they would receive better terms without her on the loan. In order to this however, she would need to sign a quitclaim, removing herself from the deed.

Unbeknownst to the wife, the husband was having an affair and was planning on getting a divorce within the next few months. Whether it was serendipity or planned all along, we will never know. Once the wife quitclaimed herself off of the deed, she lost any entitlement to the property in the event of a divorce. Months later, the wife came back to the brokerage crying, letting the broker know the story. Unfortunately it was a bell that just could not be un-rung. She was subsequently kicked out of her house by her husband, had to watch him move in with his new gal, and forced to rent an apartment. 

A person can be quitclaimed back onto the property immediately after the loan is closed. In the case of the wife in the above story, while this wouldn’t have saved her marriage, it would have entitled her to half the home.