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A Quitclaim Deed, sometimes mistakenly called a Quick Claim Deed, is a legal document where the owner (grantor) of a piece of real property (real estate), transfers ownership to another party (grantee) The grantor terminates (“quits”) any right to the property, allowing transfer to the grantee. A quitclaim deed offers no warranties or guarantees that the owner has good title or ownership, but simply transfers whatever interest exists when the deed is executed and recorded.
A Warranty Deed is a way to transfer title to real property from one person to another. Unlike other types of deeds, a warranty deed provides guarantee that the paper title is a good, marketable title. A warranty deed expresses that the grantor has good, clear title.
A Beneficiary Deed conveys your ownership interest in real property, such as your home, investment property, vacation home, etc, to your children, family, significant other, etc., without any requirement of probate. The Beneficiary Deed is prepared and recorded while you are living, but the transfer is not effective until you (and your spouse, if applicable) have passed away. Benefits include: 1) Avoids the cost and delay of probate; 2) Less expensive than a living trust; 3) owner(s) retain total control over the property; 4) The owner is free to change or revoke an Arizona Beneficiary Deed at any time.
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