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A quitclaim deed is also used to clear up title to property, if there is an issue with someone else possibly having an ownership right in the property, he or she can be asked to sign a quitclaim to make sure the new owner has complete title.
How much does it cost to transfer a deed in Arkansas?
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.
How do I transfer land to a family member in Arkansas?
In Arkansas, every legal transfer of real property requires a Real Property Transfer Tax Affidavit form. This form should be completed by the grantee and filed with the instrument (A.C.A. 26-60-107). When real property is conveyed as a gift, no transfer tax is due.
Does a quitclaim deed have to be notarized in Arkansas?
In Arkansas, all quitclaim deeds must be signed in the presence of a notary public and at least two disinterested witness. "Disinterested" means the witness is not closely related to you, is not the grantee and has no interest in the property you're transferring. The grantee does not need to sign the quitclaim deed.
What does transfer by fiduciary mean?
A fiduciary deed is used to transfer property when the executor is acting in his official capacity. A fiduciary deed warrants that the fiduciary is acting in the scope of his appointed authority but it does not guarantee title of the property.
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How much does it cost to transfer a deed in Arkansas?
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.
What may be a reason that a special warranty deed is being issued for this transaction?
A special warranty deed provides assurance that the property's seller owns the property in question and has not faced any title issues during this ownership. A special warranty deed guarantees that the buyer won't face any legal action or title issues as a result of the actions of the property's previous owner.
What is a quit claim deed in Arkansas?
Updated June 03, 2022. An Arkansas quitclaim deed is a form that is used to transfer property from a seller to a purchaser without any warranty on the title. This type of deed only transfers the interest that the seller owns which may be no interest at all or clear title to the property.
What is an Arkansas warranty deed?
An Arkansas warranty deed\u2014sometimes called a general warranty deed\u2014transfers real estate with complete warranty of title. The current owner guarantees a good, clear title, and the guarantee covers the property's entire chain of title.
What is a limited warranty deed in Arkansas?
In this situation, a Limited Warranty Deed is very similar to a quitclaim deed and only transfers any interest the State of Arkansas held in the property. The Commissioner does not guarantee usability, accessibility, or existence of the property nor can it guarantee or warrant a clear title to the property.
Related links
Estate Planning Annotations (Agricultural Law and Tax)
This page contains summaries of significant recent court opinions, IRS developments and legislative action of relevance to the estate planning process, ...
Real Estate | Department of Finance and Administration
The Real Property Transfer Tax is levied on each deed, instrument, or writing by which any lands, ... Applicable Statutes: AR Code Ann. §26-60-101 et seq.
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