Is a disclaimer deed required in Arizona?

Is a disclaimer deed required in Arizona?

The Arizona Court of Appeals reversed the trial court. The Court of Appeals held that a disclaimer deed is a legal document and its legal effect must be followed.

What’s a disclaimer deed?

The disclaimer deed is a legal document that has legal consequences. Further, the disclaimer deed will clearly state that the spouse signing it is waiving (disclaiming) any interest in the house being purchased.

Does spouse have to sign quit claim deed?

In order to transfer ownership of the marital home pursuant to a divorce, one spouse is going to need to sign a quitclaim deed, interspousal transfer deed, or a grant deed, in order to convey the title to the property.

Why does spouse have to sign deed?

Even if he’s not on the hook for the loan, having him sign the paperwork protects the company’s lien on your house. In general, the spouse must sign a deed of trust, the Truth in Lending and Right to Cancel documents. By signing these documents, they are simply acknowledging the existence of the mortgage.

Should I put my spouse on the deed?

For most couples, this isn’t an issue, but it is important to note that by putting your spouse on the deed you are giving up partial control of the property. This is part of vesting of the property, and your spouse now has a vested interest.

What’s the difference between a title and a deed?

The Difference Between A Title And A Deed A deed is an official written document declaring a person’s legal ownership of a property, while a title refers to the concept of ownership rights. A deed, on the other hand, can (and must!) be in your physical possession after you purchase property.

When you have a mortgage who holds the deed?

While you have a mortgage, the lender has rights to the property title until the loan is paid. If you buy a home without a mortgage, the real estate attorney or title company records the deed and issues a copy to you.

Can an executor sell a house without beneficiaries approving?

The executor can sell property without getting all of the beneficiaries to approve. Once the executor is named there is a person appointed, called a probate referee, who will appraise the estate assets.

Can a house be sold without both signatures?

Both signatures are needed even to put the house on the market, much less sell it. Ownership as tenants in common means you can sell your half of the house without her permission – but only half. Deeds differ from titles in that the title declares how ownership is held and allows transfer of that ownership.

What happens when siblings inherit a house?

Buyout. If you and your sibling inherit a house, you probably own it 50-50 unless the decedent stated otherwise in his will – and this doesn’t usually happen. You can then give your sibling cash for his share and transfer the deed into your sole name.

Can siblings force the sale of an inherited property?

Yes, siblings can force the sale of inherited property with the help of a partition action. If you don’t want to hold on to an inheritance given to you by parents, you might want to sell. But you’ll need all the cards in your hand if you have to convince your brothers and sisters to sell, too.

When multiple siblings inherit a house?

When several siblings inherit equal shares in a property, they divide the gain equally, and each claim that share on their taxes. For example, if the home was worth $300,000 when Mom died and you sell for $345,000 and three siblings inherit, each claims a $15,000 gain.

Does a beneficiary have to share with siblings?

Although state laws vary, most states do not require a beneficiary to share their life insurance policy proceeds with anyone, including a sibling.

Does the oldest child inherit everything?

Sibling inheritance laws and rights are clearly defined in California, and most U.S. states, by probate code intestacy laws. Surviving siblings inherit assets only if there are no surviving spouse, domestic partner, children, grandchildren, nor parents. …

How do you divide inherited property between siblings?

“Give the house, the land or the business to just one child and make up the difference with a monetary share for the others. Alternatively, stipulate that the asset be sold and the proceeds divided evenly. That way, the one who really wants the asset can buy the others out.”

Can an executor do whatever they want?

Executors can use the money in the estate in whatever way they determine best for the estate and for fulfilling the decedent’s wishes. Typically, this will amount to paying off debts and transferring bequests to the beneficiaries according to the terms of the will.