This form is a Master Deed. This Master Deed is executed by a developer pursuant to the provisions of the Condominium Act. The deed contains a legal description of the project and the responsibilities of the co-owner.
Arkansas Condominium Master Deed - Residential Condo Development
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FAQ
The Arkansas Horizontal Property Act oversees the creation, management, authority, and operation of horizontal property regimes, including homeowners associations, that record a declaration or master deed. By recording these documents, the horizontal property regime is choosing to be bound by the Act.
It provides that insurance and annuity proceeds payable to a slayer as the beneficiary or an assignee of the policy shall be forfeited by the slayer, The funds would instead be paid to the the decedent's estate. The Arkansas definition of a "slayer" in section 18- 4- 202 of the Akansas code.
Section 26-37-303 - Redemption deed (a) If the owner or redeemer redeems the tax-delinquent parcel, the Commissioner of State Lands shall issue: (1) A redemption deed in the name of the owner and record it in the county wherein the parcel is located; and (2) A redemption receipt to the redeemer.
At your death, the real estate goes automatically to the person you named to inherit it (your "grantee" or "beneficiary"), without the need for probate court proceedings. (Ark. Code Ann. § 18-12-608.)
(a) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests.
If you don't have a Will, the default order of descent goes like this: (1) full blood and adopted children of the decedent, subject to any dower, curtesy, and homestead interest of a spouse; (2) if no full blood or adopted children, then everything to a spouse of greater than three years or half of everything plus ...
If you later change your mind about who you want to inherit the property, you are not locked in. You have two options: (1) sign and record a revocation or (2) record another beneficiary deed, leaving the property to someone else. You cannot use your will to revoke or override a beneficiary deed.
