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The second situation does complicate things because now you have to involve the lender

By 9 augustus 2022No Comments

The second situation does complicate things because now you have to involve the lender

Our ARIZONA QUITCLAIM DEED may be used legally to transfer Arizona real property rights to another person or legal entity. A definition of a “legal entity” may be a corporation, partnership, an association or trust, just to name a few. A quitclaim deed e on the title. A valid reason for a name change could be that your name was misspelled, or a middle initial was wrong. A common usage requiring a name change of the title would be because of a divorce or marriage. However, the quitclaim process should only be used if the name has been legally changed.

Most quitclaim deeds are divided up into three parts. Usually at the top of the forms are two sections, one side for the recorder’s use and the other for the return address. The middle of the form contains the legal jargon including the description of the property, name of parties involved and dates. The bottom part of the form is used by the notary to acknowledge that he/she witnessed the signing of the instrument.

What a scenario, both spouses, agree as to who keeps the property and the property is free and clear with no lender involved

Within the middle part of the form, there may appear two legal words that sometimes confuse people. These two words are “grantor” and “grantee.” The “grantor” is the one giving his/her ownership in the property to the “grantee.” The “grantee” is the one receiving the ownership. I use a little trick to remember which is which. I think of “givor”(I spell it wrong on purpose) being the) (oth “or”) person giving or selling to “me” which rhymes with “grantee.”

Arizona quitclaim deed means exactly what it implies. This instrument can only be used in the state of Arizona. While most quitclaim deeds are the same, each state and their counties have their own laws and procedures.

After executing the quitclaim deed, you should record the document in the county where the property is located. Each county has its recording office where you must place all documents to be recorded. In addition, there may be specific requirements set down by each county recorders office. Recorded documents are available to the public, and most modern county recorders make access to this information via the Internet. Yes, you can find out a lot of information about your neighbor’s property. I know! so much for privacy.

Well, now that we know how an ARIZONA QUITCLAIM DEED is used, let’s explore some possible reasons why we would want to use it.

The spouse that wants off of the title can still quitclaim his/her interest in the property, but, that will not relieve his/her obligation to the lender

Let’s say that you and you’re significant other decide to buy a condo in Phoenix Arizona. A few years go by, and now there is a couple of children added to the mix. You both decide that a living trust should be created to provide for the children in the event of your demise. Your attorney suggests that the title of your condo should be in the name of the living trust. So now you have an important reason to change the name in the title from your personal names to the name of your living trust.

One of the most common uses of this instrument is during a divorce. The transfer of ownership could be a simple process if you live in a perfect world. Does that describe your situation? Probably not, but, if it does my hat goes off to you.

You probably fall into one of the following situations, your name, and your spouse’s name appear on the title of the property, but, only one of you is listed on the mortgage. The second situation is described as having both names appear on the title, and both names appear on the mortgage. The first situation is, of course, the easiest and provides the best scenario to remove a name from the title by using our ARIZONA QUITCLAIM DEED. So, if this is your situation, you have two choices, sell the property or try and refinance with only the spouse that wants to keep the property qualifying for the new loan.

There are many other reasons to use a quitclaim deed, and you know your circumstances best. We know how to provide the most current form for your needs and how to make sure that you stay out of trouble. With that in mind, we have one piece of advice. Relax; this will be a piece of cake. We have enough information on this site to guide you through every inch of the way We will help you with the entire process, including obtaining the blank ARIZONA QUITCLAIM DEED. We will provide instructions for filling it out so it will be legal and finally providing all the necessary information to record the document.