The Arkansas quitclaim deed is a document used for property transfers between the grantor and the grantee.
The quitclaim deed is a type of deed that enables the easiest and fastest property transfer compared with other types of deeds. However, the quitclaim deed doesn’t offer any warranty for the title of the transferred item. Therefore, it is usually used for property transfers between trusted parties.
This document is also called the quit claim deed, release deed, bargain deed, or sale deed. In contrast, the quitclaim deed should not include terms such as "grant, bargain, and sell," as it contains an express covenant of warranty to the grantee.
Quitclaim Deed Important Laws & Requirements in Arkansas
Laws & Requirements
Statute: Chapter 12 - Conveyances
Signing: A quitclaim deed for the real estate transfer should be acknowledged by the two disinterested witnesses and the notary public. (§ 18-12-104)
Recording: The parties must record the quitclaim deed in the local Circuit Court.
Recording fee: $15 for the first page and $5 for every additional page.
Real Property Transfer Tax: for deeds that convey real property, a compliance form must be submitted, and a Real Property Transfer Tax must be paid.
When to Use a Quitclaim Deed in Arkansas
Due to the simplicity of the process and the lack of warranty, the general quitclaim form is mostly used in the following cases:
#1. Title Modifications
Due to its simple form, the quitclaim deed is often used to fix errors in the property title. Moreover, it can be used to update the information in the title without changing the actual title.
#2. Property Transfer
Compared to other forms of deeds, the quitclaim deed is the simplest way to transfer property from one person to another. However, considering the lack of buyer protection, it should be used only between trustworthy parties.
#3. Living Trust Transfer
The grantor can use the general quitclaim form to transfer their property to their living trust. Considering the nature of such a transfer, there is no need for any warranties, and it is, therefore, perfect for the transfer with the quitclaim deed.
How to Create a Quitclaim Deed in Arkansas
#1. Fill Out The Form
Insert the information about the grantor and grantee (names, mailing addresses, and marital status). If one of the parties is a legal person, the deed should include their registered name, address, status, and registration number.
The quitclaim form must also contain the vesting decision, which provides how the title will be held.
#2. Add the “Note Consideration”
The Note Consideration provides the value that one party compensates another for in return for the property transfer. The consideration can be a payment of money, a service, or any other counter value.
Often, especially when transferring property between family members, the property can be transferred without consideration (as a gift).
#3. Write the Legal Description
The legal description should include relevant information about the transferred property that helps the parties individualize it. With real estate, that is often the plot number, and the number under the property is filed in the local real estate registry.
#4. Sign & Get it Notarized
The grantor must sign the quitclaim form before two witnesses and a notary public.
#5. File the Quitclaim Deed
After completing and signing the deed, it must be filed with the appropriate authority.
Where to File a Quitclaim Deed in Arkansas
All the quitclaim deeds must be filed and registered with the local Arkansas Circuit Court according to the location of the property.