This form is a Transfer on Death Deed, or Beneficiary Deed, where the grantor is an individual and the grantees are four individuals. If one or more grantees fail to survive the grantor their interest goes to their estate or the surviving grantees. This transfer is revocable by Grantor until death and effective only if filed prior to grantor's death. This deed complies with all state statutory laws.
Arkansas Transfer Deed Without Consideration
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Arkansas
Control #:
AR-022-77
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How to fill out Arkansas Transfer On Death Deed Or TOD - Beneficiary Deed For One Individual To Four Individuals?
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FAQ
This is on the condition that no other chargeable consideration is given. If you get property as a gift, you won't pay Stamp Duty Land Tax as long as there's no outstanding mortgage on it. Do I need to pay tax or stamp duty on gifting a property to a family member? taxcare.org.uk ? do-i-need-to-pay-tax-or-stamp-d... taxcare.org.uk ? do-i-need-to-pay-tax-or-stamp-d...
Usually, a deed is executed for consideration, but this is not essential for a valid transfer. Moreover, even when consideration is given for the property, this point need not be mentioned in the deed.
As a matter of contract law, a deed must have consideration to be valid. Consideration is defined as something of value given for the deed. Usually the consideration is money, but it could be for services or anything of value.
Voluntary conveyance refers to an elective transfer of title from one individual to another without adequate consideration. Consideration refers to compensation which is expected in return for the property. Without it, the conveyor should be prepared to offer a legal explanation for the transfer.
It actually means that the property is being transferred via deed without money exchanging hands. However, not all no consideration deeds are exempt from transfer and recordation taxes.