Yes, a quitclaim deed transfers ownership and interest from the granter to the grantee. However, it is very important to note that it does not provide any protections to the granted ownership. If future claims are made on the property, this deed will not protect you against such claims. Therefore it is better to opt for a warranty deed if dealing with unknown parties.

Unlike other legal documents, a quit claim deed does not have an expiration date. There is no specific time limit after which this document stops being legally binding. The authority of one deed only stops when another deed is made to transfer the title to another person.

If you wish to convert a quitclaim Deed to a warranty deed, the grantee will have to reach an agreement with the grantor or the other way around. You can start by establishing communication. If both parties are willing to proceed with a warranty deed, then the matter is solved. 

However, if things are complicated and you cannot reach common ground, you can always choose to consult a real estate attorney. They will get in touch with the opposing party and prepare a new warranty deed. After the execution and notarization of the deed, you will now have yourself a warranty deed. However, after notarization, the deed has to be recorded in the appropriate government office, along with notifications being sent to all parties mentioned in the deed.

There are doubts about these deeds being suitable for real estate transactions. While quit-claim deeds can be used for transferring property, they are considered less secure because they do not come with any level of protection, as other deeds do, i.e., warranty deeds. As the name suggests, warranty deeds provide warranties and assurances to the grantee about the title to the property. Therefore, even if a quit-claim deed can be used in real estate transactions, a warranty deed is a better choice for making them.