Definition and meaning
A Warranty Deed is a legal document used to transfer ownership of real estate from one party to another. In the case of an Arkansas Warranty Deed from two Individuals to a Corporation, it signifies that two individuals, referred to as Grantors, are conveying their interest in a property to a Corporation, referred to as the Grantee. This deed guarantees that the Grantors hold clear title to the property and have the legal right to sell it, offering protection to the Grantee against any claims on the property.
Who should use this form
This form is primarily designed for individuals who are wishing to transfer property ownership to a Corporation. Common users include:
- Business owners looking to transfer assets to their corporate entity.
- Individuals involved in real estate transactions seeking to formalize property grants to a Corporation.
- Attorneys and legal representatives facilitating the transfer on behalf of the clients.
How to complete a form
Completing the Arkansas Warranty Deed requires the following steps:
- Enter the names, addresses, and contact information for both Grantors and the Grantee.
- State the legal description of the property being conveyed, ensuring it is accurate and attached as an Exhibit A.
- Specify the consideration (amount) involved in the transaction, usually starting at a minimum of ten dollars.
- Each Grantor must sign the deed in the presence of a notary public.
- Complete any additional legal requirements as mandated by Arkansas state law.
Legal use and context
The Warranty Deed is recognized legally in Arkansas as a means of transferring real property. It provides a comprehensive warranty of title from Grantors to Grantee, ensuring the Grantee will not face claims against the property. This form is commonly used in various real estate transactions, including sales and transfers of ownerships, and is crucial for establishing clear title in corporate real estate assets.
What to expect during notarization or witnessing
During the notarization of the Arkansas Warranty Deed, you can expect the following process:
- The Grantors must appear in person before the notary public.
- The notary will verify the identities of the Grantors and confirm that they understand the document they are signing.
- After the Grantors sign the deed, the notary will complete their section by signing and dating the document, affixing their official seal. This step is essential for the deed to be legally valid.
Key components of the form
The Arkansas Warranty Deed includes several important components:
- Grantors: The individuals transferring ownership.
- Grantee: The Corporation receiving ownership.
- Consideration: The stated amount of value exchanged.
- Legal Description: A detailed description of the property being transferred.
- Notary Section: Proof of notarization, validating the transaction.
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