So, what is a Warranty Deed, exactly?Ī Warranty Deed is a guarantee, or promise, from the seller to the buyer that the seller has full title to the property, and that no other person has any claim or interest to the property. If you did not receive a Warranty Deed from the seller, then you basically have no recourse against the seller for not providing you with a “clean” title to the home. Imagine finally buying your first home, only to learn a year later that someone other than the seller also had some sort of claim to that property. Warranty Deeds are the most commonly used deeds, and for good reason – they offer the most protection to the person who is receiving the property. Below, we will detail the differences between the deeds and hopefully help you understand the advantages and pitfalls of each. Each have their own unique benefits and qualities. Three of the most common types of deeds are the Warranty Deed, the Quitclaim Deed, and the Beneficiary Deed. Without a deed, there cannot be an actual transfer. A deed is the legal document which officially transfers ownership of a piece of property. In Arkansas, there are a number of different situations in which real property is transferred from one person to another, but they each have one thing in common – a deed. Record the deed with the Circuit Clerk in the county where the property is located, and pay the transfer tax based on the price paid for the property.PROPERTY TRANSFERS – You got the house, but what else came with it? According to Arkansas Code § 18-12-104, the witnesses must be neutral parties with no vested interest in the transaction. The witnesses and the notary must all sign the document after watching the grantor sign. Take the deed to a notary public, and arrange for two witnesses to come as well. If you need to attach additional documentation, note the title of the documentation in the blanks where the legal description should be. After “situated in,” write the property’s county. Write the legal description of the property. Repeat this for the grantee, using the term “grantee” in the appropriate blank. This goes in the blank after “in hand paid to.” After the name, write “grantor,” then write the grantor’s mailing address, county, city, and state. Then, in parentheses, write the amount numerically. Step 4 – Write Dollar AmountĪfter “Know All Men By These Presents,” write the dollar amount, in words, that the grantee is paying to the grantor for the property. Step 3 – Fill in Property’s CountyĪfter “State of Arkansas,” record the property’s county. These go on the upper left-hand side of the form. Record the name and address of the person who wishes to receive the form after it has been recorded, typically the grantee. Record the name and address of the person who prepares the form. How to Write & File a Quitclaim Deed in Arkansas Step 1 – Get the Arkansas Quitclaim Formĭownload the Arkansas quitclaim deed form. The Department of Finance and Administration also requires you to file the Real Property Tax Affidavit of Compliance Form. This Real Property Transfer Tax must be paid when submitting the quitclaim deed. The tax rate on real estate transfers in Arkansas is $3.30 per $1,000 of actual consideration on transactions that exceed $100. Per Arkansas Code § 18-12-104, Arkansas quitclaim deeds require the grantor to sign in front of a notary public and two (2) disinterested witnesses with no claim in the transaction. Choose the Circuit Clerk that oversees the county where the property is located. The office will charge a recording or filing fee. The following are important laws and requirements related to Arkansas quitclaim deeds: LawsĪrkansas Code § 18-12-209, § 14-15-404, and § 18-12-104 RecordingĪccording to Arkansas Code § 14-15-404, all quitclaim deeds in Arkansas must be submitted to the office of the County Recorder Circuit Clerk for filing. How to Write & File a Quitclaim Deed in Arkansas.If the grantor and grantee want a guarantee on the title, they need to use a warranty deed instead of a quitclaim deed in Arkansas. Sometimes people mistakenly call the quitclaim deed a “quick claim deed,” “quit claims deed,” or “quit claim deed.” These all refer to the same document. The property transfer comes with no promises or guarantees about the property’s title or the grantor’s right to sell the property. An Arkansas (AR) Quitclaim Deed allows someone who owns a property (grantor) to transfer ownership of that property to someone else (grantee).
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