Arizona Quitclaim Assignment of Assets
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How to fill out Quitclaim Assignment Of Assets?
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FAQ
Due to this, quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage. After all, it would be difficult for many grantors to pay off a mortgage without proceeds from the sale of the property.
Arizona real estate is transferred using a legal document called a deed. A deed allows the current owners (grantors) to transfer property to new owners (grantees). Once the deed is signed, it is recorded in the land records of the county where the property is located.
In a quitclaim deed, the rights of one party pass to another party, called the grantor and grantee, respectively. As a spouse, you give up your interest in the property when you sign a quitclaim deed. This means that you no longer have a legal right to it.
It conveys whatever interest you have in a piece of property without making any promises about the type of interest you're conveying. You can use Nolo's Arizona Quitclaim Deed to do the following and more: transfer property to or from a revocable living trust. transfer property to one spouse as part of a divorce.
Contrary to the law and established custom in other states, the expression ?to have and to hold? (called the ?habendum clause? of a deed) is not necessary, nor are witnesses or seal required. The deed should be dated, but this too is not necessary to its validity.
The quitclaim deed carries no covenants or warranties. It is used to convey less than a fee simple estate or to cure a cloud on the title.
A quitclaim deed contains no covenants or warranties of title.
No guarantees to the new owner: Unlike a warranty deed, a quitclaim deed does not guarantee that a property is free from title defects such as tax liens or title claims from third parties. For this reason, it is a poor legal instrument to use when selling a piece of property for cash considerations.
