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ARKANSAS QUIT CLAIM DEED FORM FULL
ARKANSAS QUIT CLAIM DEED FORM FREE

Consideration: how much, if anything, is being paid for the property.Grantee: the name and mailing address of the individual(s) or entity who will receive the property title and become the new property owner.Grantor: the name and mailing address of the individual(s) or entity who currently owns the property and will transfer ownership.Refer to these helpful tips below before you write your document.Ī simple quitclaim deed should identify the following essential elements: There are several things to consider when creating your quitclaim deed form. Review all the different types of deeds in detail to ensure you have selected the right one for your real estate transfer or sale. Here is a table comparing the three most common types of property deed transfer forms: In both cases, the grantor owns the property rightfully and has the legal right to transfer property title and warrant against certain title defects. The most common types are special warranty and general warranty deeds. Unlike quitclaim deeds, some deeds offer protection and warranties for the grantee. Community Property – any property obtained by one spouse during a marriage is “community property” and owned by both spouses, currently recognized in ten states in the U.S.

Tenancy in Common – owned by two or more people (equally or in different percentages) with no right of survivorship and the right to individually sell their legal interests in the property.

Tenancy by the Entirety – a joint tenancy between a legally married couple.

Joint Tenancy – owned equally by two or more people with the right of survivorship (if one dies, ownership passes to the surviving person), and each person must agree to sell their legal interests in the property.

Sole Ownership – owned entirely by one party (individual or entity).

Here are the different types of ownership it might mean: How Does a Quitclaim Deed Work?Ī quitclaim deed form conveys title and whatever ownership the grantor has in the property. Real property owners often use a quitclaim deed as a complementary document to a divorce or separation agreement.

Public Auction Sale: tax/public auction sale where the buyer assumes the risk of a defective title.

Business: quitclaim deed transfers between parent companies to subsidiaries.

Estate Planning: person transfers property to a living trust.Family Member: parent wants to transfer title to a child, or a person transfers property between other family members like siblings.Title Defect: fix any errors such as misspelled names or other clerical mistakes.Chain of Title Defect: title insurance companies find others with potential interests in the property and ask them to waive interest in the property.Marriage: spouse wants to add their new spouse to the title of the property.Divorce: an ex-spouse releases claim to the home to the other formerly married party after a divorce settlement.Property owners mostly use quitclaim deeds for intra-family transfers, estate planning, or to cure a title defect. Therefore, if the grantor has a real estate mortgage on the property, they’re still responsible and liable for that mortgage. Keep in mind that a quitclaim deed transfers ownership of a property only.

ARKANSAS QUIT CLAIM DEED FORM FREE

What is the Purpose of a Quitclaim Deed?Ī quitclaim deed aims to quickly and easily transfer property ownership from one party to another.Īlthough this document provides no promises regarding ownership or title to the property, many states have an implied good faith presumption that the grantor is unaware of any other owners or conflicts.Īdditionally, some states have an implied good faith assumption that the grantor is free to transfer ownership and title. The new owner may not record and prove their property ownership without this document.

ARKANSAS QUIT CLAIM DEED FORM FULL

They won’t get full ownership if there is an outstanding lien or other legal claims against the property. This means grantees (persons receiving the property) aren’t fully protected with quitclaim deed transfers. There are no warranties as to the quality of the real estate title. The grantor is only promising to give up their rights. With a quitclaim deed, the grantor (person transferring the property) transfers whatever rights and legal interest they have in the property. A quitclaim deed form ( or quitclaim ) is a legal real estate document for the grantor (owner/seller) to transfer ownership rights of a piece of real property to the grantee (purchaser).