When you own a piece of property, there are a few different ways in which you can transfer that ownership to someone else, and several different reasons why you might want to. A quit-claim deed is one of the ways in which you can arrange to legally transfer property rights to another person or legal entity in the state of Arizona. Here’s a closer look at how a quit-claim deed works.
A quit-claim deed is a legal form used to transfer ownership of a property without a sale occurring. You can use this form to transfer ownership to another person or legal entity, such as a corporation, partnership, trust or an association. You can also use this process to add, delete or change a name on the title. The process is typically used in the following circumstances:
- After a divorce, an ex-spouse transfers ownership of the property to the other.
- After a marriage, one spouse adds the other spouse’s name to the property title.
- If the previous owner has retained some interest in the property (a quitclaim deed will transfer that interest to the new owner).
In estate planning, a person may use the deed to transfer ownership of the property into a living trust or to the person they want to inherit the property.
Once the form is filled out, it must be recorded in the County Recorder’s Office where the property sits. While the form, itself, may be simple, it’s important to understand when using a quit-claim deed is appropriate, and to make sure that you follow all of the necessary steps. An experienced attorney can ensure that your wishes are carried out correctly and legally. When used as an overall estate plan or divorce settlement process, the quit-claim deed is very useful. If you expect to transfer ownership of a piece of property soon, schedule a consultation today.