The term “Quitclaim” means that the property owner quits their claim on the property and hands it over to another person. Besides, several legal terms are used in the deed, such as “grantor”/“seller,” “grantee”/“buyer.” This guide will help you understand the terms, the filing procedure, and the features of this fillable deed form.
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The Quitclaim covenant template formalizes the transfer of property rights from one person to another. The transfer means the voluntary waiver of property rights for the benefit of someone else. Special terms regulate the relations between the two parties. The person who gives the property right is defined in the document as a grantor or seller, while the person who gets the right to—and thus becomes the new owner of—the property is the grantee or buyer.
The Arkansas quitclaim deed does not state that the property title is free of encumbrances. Therefore, this form is often used to conclude contracts between people who know each other, friends, or relatives. This article discusses the most significant features of a quitclaim deed. You can find more information in Arkansas Code:
When transferring property rights, you should pay attention to the requirements for concluding the transaction. According to the Arkansas Code (§ 18-12-104), the quitclaim deed form must be authorized in the presence of a notary public and two disinterested witnesses. Otherwise, the document is null and void even if it is filled in according to the rules. “Disinterested” means that this person is not in a close relationship with the grantor, has no personal interest in the deal, and is not a grantee.
Another particular feature of the Arkansas quitclaim is that after filling out the document and paying the tax, it must be recorded with the Circuit Court. Only then, the document enters into force, and the transfer of ownership is considered official and legal.
As we noted above, the quitclaim deed form is needed to transfer property rights if the parties are relatives or friends. This is due to the fact that quitclaim does not guarantee the title of the property. Therefore, through the quitclaim, it is presumably possible to transfer property encumbered with debts or easements, and even real estate for which the so-called “Grantor” has no ownership rights.
The grantee has no protection against any encumbrances, so quitclaim transactions are not made between strangers. The most common examples of using the form are transferring ownership of a house or land to children and changing the property title after getting married or divorced. The main thing that distinguishes the Arkansas Quitclaim Deed From other property rights transfer deeds is some wording. Do not use the words “grant,” “bargain,” and “sell” in the quitclaim form because they transform the quitclaim deed into a warranty deed.
The benefit of a quitclaim deed is the speed of the transaction. Arkansas warranty, which is used to transfer rights with a verified title of ownership, takes longer to process. If the parties trust each other and do not need official checks, why not use a quitclaim? Moreover, the form is easy to fill out and does not require any special attachments.
When applying, prepare to pay the property tax, which is $3.30 per $1,000 of the transferred real estate value in Arkansas.
The form includes personal data, a description of the transferred object, and verification with signatures. To apply, you need to undergo the eight simple steps below: