An Arizona quitclaim deed is a useful tool in transferring property when the parties do not need any title warranties. The document is typically used for property transfer within families or divorce proceedings.
Laws & Requirements
Statute: Ariz. Rev. Stat. § 33-402: State law recommends that a quitclaim deed should include “quitclaim,” consideration, and property description.
Signing Requirements: Ariz. Rev. Stat. § 33-401: The grantor’s signature must be notarized. Arizona law does not require witnesses for a quitclaim deed signing.
Recording Requirements: According to Ariz. Rev. Stat. § 11-468, you should record a quitclaim deed in the Recorder’s Office for the county where the property is located. The county will have specific procedures for recording a deed, including fees. Check with the applicable County Recorder’s Office to learn about their fees.
Transfer Tax: No.
Additional Documents: Per Ariz. Rev. Stat. § 11-1134, the Affidavit of Property Value (Form 82162) must be signed be filed by buyers and sellers of real property unless certain exemptions apply (the transfer of residential property between family members with a nominal actual consideration).
How to File
- Get the Quitclaim Deed Form: Ensure it’s properly formatted with standard margins and font size.
- Fill in Property Details: Match the legal description from the original deed.
- Complete Grantor & Grantee Information: Include vesting language, legal description, recipient’s details, and sale price (if applicable).
- Sign and Notarize: Both parties sign before a notary (found at courthouses, banks, etc.) who verifies your IDs and finalizes the document.
- Record the Deed: File it within 60 days in the county where the property resides. The grantee keeps the original, and the grantor gets a copy.
Costs and Fees
Filing Fees:
Arizona recording fees vary by county, so check online or with an attorney before filing.
Taxes:
- U.S. Gift Tax (Form 709): The federal gift tax is imposed on property transfers between individuals without compensation, based on the property’s value at the time of transfer, typically paid by the donor or grantor but potentially by the grantee if agreed upon.
- Capital Gains Tax: Appreciation in value of property quitclaimed for zero value may be taxed upon eventual sale, with the capital gains tax calculated based on the difference between its value at the time of transfer and sale.
Frequently Asked Questions
How long is a quitclaim deed good for in Arizona?
A quitclaim deed in Arizona itself doesn’t have an expiration date. Once properly drafted, signed, notarized and recorded, it becomes a permanent record of the property transfer.
The key thing is getting it recorded. This establishes the transfer of ownership in the public record. There’s no time limit on when you must record it, but it’s best to do so as soon as possible to ensure the recipient has clear ownership.
How do you correct an Arizona quitclaim deed?
To correct a quitclaim deed in Arizona, you typically need to prepare and execute a corrective deed, also known as a corrective quitclaim deed. This document should reference the original deed by date, recording information, and title, clearly state the correction that needs to be made, and include the corrected information.
Once completed, the corrective deed must be signed by the grantor in the presence of a notary public and then recorded with the county recorder’s office where the original deed was recorded.
What is the difference between a quitclaim deed and a warranty deed in Arizona?
In Arizona, a quitclaim deed transfers the seller’s interest in a property to the buyer without guaranteeing the validity of that interest, offering minimal protection.
In contrast, a warranty deed assures the buyer that the seller owns the property and has the right to sell it.
