Arkansas Deed (Including Acceptance of Community Property with Right of Survivorship) is a legally binding document used in the state of Arkansas to transfer ownership of real estate between parties. This type of deed specifically includes the acceptance of community property with the right of survivorship, which has significant implications on how the property is treated upon the death of one spouse. The term "community property" refers to property acquired during a marriage that is jointly owned by both spouses. In Arkansas, community property laws recognize that both spouses have an equal and undivided interest in assets acquired during their marriage. By accepting community property with a right of survivorship, the spouses acknowledge that the property will automatically pass to the surviving spouse upon the death of the other spouse, avoiding the need for probate. This specific type of Arkansas Deed ensures that the property remains within the community property system, allowing the surviving spouse to maintain ownership without the need for a separate probate or other legal proceedings. It is a useful tool for married couples who wish to simplify the transfer of ownership upon the death of one spouse and protect their assets. There are different variations of Arkansas Deed (Including Acceptance of Community Property with Right of Survivorship), which include: 1. General Warranty Deed: This type of deed guarantees the grantee that the granter holds clear title to the property and has the right to transfer it. It provides the highest level of protection to the grantee by warranting against any claims to the property's title that may arise. 2. Special Warranty Deed: This deed is similar to the general warranty deed but provides a narrower scope of protection. The granter warrants against any claims made by them during the period of their ownership, but not against claims made by previous owners. 3. Quitclaim Deed: In this type of deed, the granter makes no warranties or guarantees regarding the property's title. It simply transfers whatever interest the granter may have without implying any claims or protections. This deed is often used when transferring property between family members or in non-sale transactions. It is important to consult with a qualified attorney when considering the use of Arkansas Deeds (Including Acceptance of Community Property with Right of Survivorship), as they can guide you through the legal intricacies and ensure that your property is transferred correctly according to your wishes and the laws of the state.
Arkansas Deed (Including Acceptance of Community Property with Right of Survivorship)
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FAQ
The new owner or that person's agent must submit a signed real property tax affidavit of compliance?or just affidavit of compliance?when filing a deed with the county recorder. The affidavit gives details about the transfer?including the purchase price and transfer tax amount or any exemption.
When transferring property, a seller (often called the grantor), writes out a deed, transferring property to the buyer (often called the grantee). The deed is then recorded with the recorder in the county in which the property is located.
A warranty deed makes a promise to the buyer that the seller has good title to the property. A quitclaim deed, on the other hand, makes no promises. A quitclaim deed just says; whatever interest I have in this property, I give to you.
The Real Property Transfer Tax is levied on each deed, instrument, or writing by which any lands, tenements, or other realty sold shall be granted, assigned, transferred, or otherwise conveyed. The tax rate is $3.30 per $1,000 of actual consideration on transactions that exceed $100.
There are two types of tenancies that possess the right of survivorship: joint tenancy and tenancy by the entirety.
Joint Tenants in Arkansas In particular, joint tenancies with right of survivorship involve all parties having equal ownership, and the right to assume another owner's interest in the event the other owner dies.
Arkansas Beneficiary (Transfer-on-Death) Deed At your death, the real estate goes automatically to the person you named to inherit it -- the "grantee beneficiary" -- without the need for probate court proceedings. (Ark. Code Ann. section 18-12-608.)
This deed must be signed, notarized, and recorded in the county where the property is located. Some counties have more than one recording office, so you need to be sure this deed is being recorded in the correct recording office. Must list the name and address of the person who prepared this deed.