![]() Other Assets That Are Not Subject to ProbateĪssets that have a designated beneficiary have the potential to transfer title without going through probate. After the deed has been notarized, it’ll need to be filed with the county clerk in the county where the property is located. In most cases, the grantor, witnesses, and the grantee will need to sign the deed in the presence of a notary public. The purchase price for the property (if applicable).The county where the property is located.If you’re writing a quitclaim deed to quickly transfer property to a family member or trust, you’ll want to include the following: In all of these scenarios, probating the property is unnecessary. Quitclaim deeds are most commonly used when property is being transferred without a traditional sale, such as when property is transferred between family members, when couples divorce, or when property is transferred to a living trust. Note that deed transfers of any kind don’t affect any mortgage on the property-only the title of ownership. These deeds transfer all of an owner’s interest in the property, though they obviously can’t transfer the title of other owners if there are multiple parties with title to the property. Quitclaim deeds (aka quit claim or quick claim deeds) offer no promises from the grantor. In most cases, there are no covenants, warranties, or restrictions. Quitclaim deed – a limited-use deed that provides the least amount of protections for the buyer.Bargain and sale deed – a special-use deed that offers no protection for the buyer from encumbrances.Special warranty deed – doesn’t provide as much protection for the buyer/grantee, as the grantor provides fewer warranties.The deed will usually include significant covenants or warranties that are conveyed by the grantor to the buyer/grantee. General warranty deed – provides the highest level of protection for the party who is buying the property.While there are a number of different types of deeds, there are major four types that are most commonly used: Most of the time, deeds are prepared by an attorney. A deed can be short and simple, or it can be several pages with numerous covenants, restrictions, and special granting clauses. Four Major Types of Deedsĭeeds must always be in writing, and in most states, they need to be recorded in the courthouse or assessor’s office to be considered fully binding. Individually-owned real estate is titled in the sole-owner’s name, while jointly-titled property will include one or more additional owners as joint tenants, tenants in common, or tenants in the entirety ( ARS 33-431).ĭeeds, on the other hand, are legal documents that transfer title from one person or entity to another. ![]() “Title” refers to someone’s ownership interest of a property, and their rights to use the property. People tend to use the terms “title” and “deed” synonymously when discussing real estate, but they’re actually two distinct legal concepts.
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