We are asked on a regular basis “Why would I need an Arizona Quitclaim Deed?”. The bottom line is, it’s fortunate we have them. It’s not uncommon for people today to transfer property within one’s family or to even change their last name, especially after a legal marriage. With an Arizona Quitclaim Deed it makes the process of transferring property pretty seamless, and here’s why:
By definition, an Arizona Quitclaim Deed is used in the transferring of rights in real property from one entity to another within the state of Arizona; in most instances these are not sales. Those entities can be individuals, partnerships, and even corporations. Typically, there is no money involved in the transaction nor any issuance of title insurance.
When Would I Use a Quitclaim Deed
A common time an Arizona Quitclaim Deed is used is in matters of divorce. Generally, when a married couple divorce, the assets of the couple that were previously shared are now split between the parties. Though the court may sign off on the legality of the divorce decree, the court does not split the assets for them, that is the responsibility of the divorced parties themselves. A divorced party may then (in matters of real estate) use an Arizona Quitclaim Deed to sign over the other party without a warranty title.
An Arizona Quitclaim deed does NOT release one party from any mortgage, loan or lien against it. It’s important to know, that those obligations can still be in full force after a quitclaim deed is signed. To legally accomplish the title transfer, all quitclaims, need to be signed by the owner(s), in front of a notary public, and submitted to the appropriate Arizona County Recorder’s Office for recording. Quitclaims which create ownership in joint tenancy with right of survivorship or community property with right of survivorship must also be signed by the person(s) receiving the title, in front of a notary public.
For a full list of the Legal Forms for the state of Arizona, make sure to visit https://azlegalformlibrary.com, a service of Cautela Corporation.