The Arkansas General Warranty Deed (To Joint Tenants with Right of Survivorship) is a legal document that transfers ownership of real estate property from one party (the granter) to two or more parties (the grantees) with specific rights and protections. This type of deed is widely used in Arkansas and ensures that the property is transferred with a guarantee against any previous claims or encumbrances. The "Joint Tenants with Right of Survivorship" aspect of the deed refers to the co-ownership of the property by multiple parties and the automatic transfer of ownership to the surviving co-owners upon the death of one of them. This enables the property to pass outside of probate and simplifies the transfer of ownership to the remaining joint tenants. The Arkansas General Warranty Deed includes various key provisions and covenants, such as: 1. Granter and Grantee Information: The deed identifies the granter (current owner) and the grantee(s) (new owners) by their legal names and addresses. It also specifies their ownership interest as joint tenants. 2. Legal Description of the Property: The deed contains a detailed description of the property being transferred, including its boundaries, lot numbers, and/or any other relevant information that accurately identifies the parcel. 3. Covenants of Title: The granter provides a warranty of title, promising that they have lawful ownership of the property and that it is free from any encumbrances or claims (except those disclosed in the deed). This ensures that the grantee receives clear and marketable title. 4. Right of Survivorship: This provision states that upon the death of one co-owner, the remaining joint tenants automatically and immediately become the owners of the deceased co-owner's share. This provision avoids the need for probate and facilitates the smooth transfer of ownership. Other types of Arkansas General Warranty Deed that may exist include: 1. Arkansas Quitclaim Deed (To Joint Tenants with Right of Survivorship): This type of deed is used when the granter wants to transfer their interest in the property without providing a warranty of title. It is typically used when there is an existing relationship between the parties or when the property is being transferred without any exchange of money. 2. Arkansas Special Warranty Deed (To Joint Tenants with Right of Survivorship): This type of deed provides a warranty by the granter only against claims that arose during their ownership of the property. It does not cover any claims that may have existed before the granter acquired the property. In summary, the Arkansas General Warranty Deed (To Joint Tenants with Right of Survivorship) is a crucial legal document used to transfer real estate ownership between parties with joint tenancy rights. It offers protections to the new owners, guarantees clear title, and facilitates the seamless transfer of ownership upon a co-owner's death.
Arkansas General Warranty Deed (To Joint Tenants with Right of Survivorship)
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For example, if two people, Mark and Amanda, own a property together and Mark dies, then Amanda will become to sole owner of the property even if this is not detailed in the will because the two of them purchased the property together.
The deed must be acknowledged and notarized by a notary public in Arkansas. Per § 18-12-102 of the Arkansas Code, a warranty deed must contain the words ?grant, bargain, and sell? when stating how the property is being transferred.
Right of survivorship is a characteristic of jointly-owned property. If a piece of property has a right of survivorship designation, then this means that the surviving owner, or owners, automatically absorb the deceased owner's share of the property.
In a nutshell, joint tenancy is a real estate legal status where two or more tenants jointly have the right of survivorship. More specifically, both parties involved in the deal co-own the property in question. If one of the parties passes away, the remaining party inherits the half previously owned by the deceased.
1. : the legal right of the survivor of persons having joint interests in property to take the interest of the person who has died. 2. : the state of being a survivor : survival.
Key Takeaways: The right of survivorship is a legal provision for joint property owners to avoid probate and transfer property automatically upon one owner's death. You can establish this right when registering your property or through a document called a Survivorship Deed.
Joint tenancy with right of survivorship is used when property is held by two or more persons and, upon death, each owner's interest automatically passes to the other co-owners. Tenancy by the entirety is a type of joint tenancy that applies only to husband and wife during the marriage.
Real Estate Recording Requirements Original Instrument. Notarized signature. Tax statement return address on document. Name of Instrument preparer. Revenue stamps on warranty deeds (if revenue changed hands) ?I Certify? statement on all warranty deed (and any deed that has revenue stamps affixed)
