![]() Step 4: Think About The Insurance Implication Before recording your deed, you need to acquire information on transfer taxes. When transferring property to yourself, money doesn’t change hands. Transfer taxes applicable to property are mostly based on the selling price of an asset. When transferring real estate to yourself, you don’t need to pay any transfer tax. The original deed will then be stamped and returned back with a reference number showing where the deed can be found. The original signed deed can be taken to the land/property office where a copy can be made and put in public records. However, some types of trusts i.e., revocable trusts don’t need to be notarized in Arizona. A copy of your notarized deed must be filed in your county office responsible for keeping local property records. Step 2: Record The DeedĪfter signing, the deed needs to be recorded. Warranty deeds transfer real estate owned wholly or free and clear. Such a deed can be used even if you co-own real estate. A quitclaim deed signs over legal interest to real estate/property only. In regards to the types of deeds, you can use two main types in Arizona, namely quitclaim or warranty deeds. All individuals listed as current owners transferring their interest in the real estate to the trust should also sign the deed. The deed form should be filled in completely, signed, and dated. You can use terms like “I am transferring one-half interest” or “I am transferring all my interest in” before inputting the legal description of the property you intend to transfer. If you are a co-owner, you must state that you are transferring your share only using a legal description. The deed form should also have a legal description of the real estate/property in question. You should input their names there as trustees to the property. ![]() The deed form also contains a section of the name of the new owner. Your names should be written in the deed form as they appear. If you are a co-owner to a piece of real estate, you’ll only be transferring your share. For instance, you’ll need the names of the current owner/s to the real estate. ![]() Deed forms may vary, but they are usually after the same basic information. Such forms can be found online or locally in a law library. You need a deed form specific to Arizona to get started. It is possible to transfer any real estate & property into a living trust in the estate of Arizona, however, there is a procedure you must follow. Transferring Real Estate/Property Into A Living Trust In Arizona ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |