What is a Quitclaim Deed in Arizona?
In Arizona, a quitclaim deed is used to transfer property from an owner (“Grantor”) to a new owner (“Grantee”) without any promises or guarantees about the property’s title or condition.
Quitclaim deeds are a quick way to transfer property but offer the lowest security among real estate deeds in Arizona.
What is the Difference Between a Quitclaim Deed and a Warranty Deed in Arizona?
In Arizona, the main difference between quitclaim deeds and warranty deeds is that a quitclaim deed provides less security to the new owner.
A warranty deed provides stronger assurances about the title’s validity and the Grantor’s legal ownership. A quitclaim deed simply transfers the Grantor’s interest in the property without any guarantees.
The choice between the two types of deeds depends on the type of real estate transaction and the level of trust between the parties involved.
How Do Quitclaim Deeds Work in Arizona?
Laws surrounding quitclaim deeds in Arizona are found in Title 33 of the Arizona State Legislature, titled Property.
The quitclaim deed must be in writing and it should have specific language transferring the title from the Grantor to the Grantee.
Once the Grantor signs the document, the quitclaim deed must be filed at the County Recorder’s Office where the property is located.
Can You Prepare Your Own Quitclaim Deed in Arizona?
You can prepare your own quitclaim deed in Arizona. A professional drafter is not legally required.
Arizona Quitclaim Deed Requirements
For the quitclaim deed to be legally valid in Arizona, it must follow certain state-specific rules.
Formatting requirements for quitclaim deeds in Arizona include:
- Paper: maximum size is legal (8.5 x 14).
- Margins: include a 2-3 inch top margin on the first page; and 0.5-inch margins on all remaining sides and pages.
- Separate a 3.5-inch slot in the top margin for the requester’s name and address.
- Text: 10-point or larger.
Content requirements for quitclaim deeds in Arizona Include:
- Grantor’s name and address.
- Grantee’s name and address.
- The title “Quitclaim” must be below the top margin.
- The requester’s name and address (in the top margin).
- Include the return name and address on the top left-hand.
- The property address.
- The property’s assessor or county parcel number.
- The property’s legal description.
- Consideration clause – the value or the amount of money exchanged.
- Granting clause – a statement describing the transfer the parties have agreed to.
Who Signs a Quitclaim Deed in Arizona?
For a quitclaim deed to be legally valid in Arizona, it must be signed by the Grantor in the presence of a notary.
The signing and notarization can be completed online and electronically as per Arizona’s electronic records and digital signature policy.
How to File a Quitclaim Deed in Arizona
Here’s how to file a quitclaim deed in Arizona:
- Prepare the quitclaim deed with the information required.
- If applicable, complete and attach an Affidavit of Property Value (APV).
- Ensure the Grantor signs the quitclaim deed in the presence of a notary.
- File the quitclaim deed, along with the relevant information at the County Recorder’s Office in the county where the property is located.
How Much Does it Cost to File a Quitclaim Deed in Arizona?
In Arizona, counties charge a fee of $30 per instrument to file a quitclaim deed.
What Taxes Are Owed on Quitclaim Deeds in Arizona?
In Arizona, property transfers, including quitclaim deeds, are not subject to transfer taxes. However, annual real estate taxes will still apply in the future.
To determine the required payments, an Affidavit of Property Value (APV) is used to disclose property sale information. If a quitclaim deed is used to transfer property after a real estate sale, the APV must be recorded along with the deed at the County Recorder’s Office.
In Arizona, a number of transfers that are generally filed under quitclaim deeds are exempt from having to file the APV, including:
- A quitclaim deed to quiet title.. or otherwise executed for no monetary consideration.
- A deed of gift.
- A deed to confirm or correct one that was previously recorded.
- When the transfer of title has minimal consideration or for the transfer of residential property between:
(a) Husband and wife, or ancestor of the husband and wife.
(b) Parent and child, including natural or adopted children and their descendants.
(c) Grandparent and grandchild.
(d) Natural or adopted siblings.
Federal tax rules may also apply to Arizona quitclaim deeds.
How Long Does a Quitclaim Deed Take to be Recorded in Arizona?
The length of time to record a quitclaim deed in Arizona changes depending on the processes and population of each county.
In Maricopa County, for instance, the time it takes to complete the recording of a quitclaim deed depends on the time of year. It can range from 3-5 business days to a few weeks.
Additionally, many counties in Arizona offer electronic recording as an option, which can expedite the process. The turnaround time can be reduced to 1-2 business days.
What Happens After a Quitclaim Deed is Recorded in Arizona?
Once a quitclaim deed is submitted for recording in Arizona, it goes through a review at the County Recorder’s Office. Once the quitclaim deed is cleared it is made a publicly accessible record.
How Long Are Quitclaim Deeds Valid For in Arizona?
There is no expiration for quitclaim deeds in Arizona. However, the statute of limitations for breaching a written contract is 6 years.