The second situation does complicate things because now you have to involve the lender
Our ARIZONA QUITCLAIM DEED may be used legally to transfer Arizona real property rights to another person or legal entity. A definition of a “legal entity” may be a corporation, partnership, an association or trust, just to name a few. A quitclaim deed e on the title. A valid reason for a name change could be that your name was misspelled, or a middle initial was wrong. A common usage requiring a name change of the title would be because of a divorce or marriage. However, the quitclaim process should only be used if the name has been legally changed.
Most quitclaim deeds are divided up into three parts. Usually at the top of the forms are two sections, one side for the recorder’s use and the other for the return address. The middle of the form contains the legal jargon including the description of the property, name of parties involved and dates. The bottom part of the form is used by the notary to acknowledge that he/she witnessed the signing of the instrument.
What a scenario, both spouses, agree as to who keeps the property and the property is free and clear with no lender involved
Within the middle part of the form, there may appear two legal words that sometimes confuse people. These two words are “grantor” and “grantee.” The “grantor” is the one giving his/her ownership in the property to the “grantee.” The “grantee” is the one receiving the ownership. I use a little trick to remember which is which. Read more