Quitclaim Deed and Acceptances: Joint Tenancy vs Tenancy in Common

What is an “Acceptance” to my Quitclaim Deed?Don't Forget the Attachment!

 

Getting it done right

It’s easy to have someone prepare and record a deed to transfer title of a property… but it’s not always easy to choose the right deed, not to mention the various acceptances and attachments that might be necessary. States have diverse laws that govern the transfer of Real Property, and navigating the State’s Revised Statutes is frustrating to say the least.

Quitclaim deed transfer to two unmarried people

For example, let’s say you’re not married, own property in Arizona, and want to add someone to title with you. If anything should happen to you, you want to make sure the property goes to the other party, and vice versa. You ask around and find out you can do this with a Quitclaim Deed. So, you find one on the internet, fill it out and record it. You’re done, right? It’s not always that simple.

Acceptance of “Joint Tenants with Right of Survivorship

Nobody told you that you have to accept the interest as “Joint Tenants with Right of Survivorship if you want to avoid probate should something happen to one of the new owners.  In our scenario, the way the grantee should hold title was never addressed, and in Arizona it is presumed the interest would be even split as “Tenants in Common”. You now both own the property 50% / 50%. This may sound like what you wanted, but it can be misleading.

This means you both now have a 50% interest in the property. If something happens to either one of you, that person’s 50% interest will go into probate… You may end up with half of your property transferring to the other party’s next of kin, cutting you out completely! Now you are unable to sell your whole house unless somebody else agrees to it. Needless to say, this was not your original intent.

I did it wrong! Now what?!?!

As long as you catch it before someone dies, not to worry! You can simply have both of you sign a new deed to each other, this time using the correct Acceptance of Joint Tenants with Right of Survivorship. If, however, your partner already passed you must go through probate to resolve the issue.

docprepper.com uses Certified Legal Document Preparers with real estate experience. We can explain all of the different options so you can choose the proper instrument to convey title. Just call us toll free at (855) DOC-EASY, email to [email protected] or browse our website.

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