You might be referring to a "quit claim deed". The basics - a deed is a document which transfers ownership (title) to real estate. There are many different kinds of deeds. A quit claim deed only transfers the rights the person signing it has. This can be contrasted with other types of deeds which assure the tranferee (buyer) that he or she is getting good title. The terminology and implications differ in various states so be sure to consult a local real estate attorney.

As for tax liabilities, not sure if you speaking of income tax or property tax. On a sale or other transfer of real estate property taxes are pro-rated to the date of sale so the new buyer becomes liable for taxes after that date. However, there may be outstanding property taxes due. This is why you want a real estate attorney or title company to search the records before you buy (close). If you're refering to income taxes you really need to check with an accountant because there are a myriad issues which could arise.