A mortgage deed is a legal document used in Arkansas to secure a loan against a property. It serves as evidence of a borrower's obligation to repay a lender by granting the lender an interest in the property. This interest is known as a mortgage lien. When the loan is repaid, the lien is typically removed, and ownership of the property is fully transferred to the borrower. In Arkansas, there are different types of mortgage deeds that borrowers and lenders can utilize based on their specific needs. Some of these types include: 1. General Warranty Deed: This type of mortgage deed guarantees that the property is free and clear of any encumbrances, except those specifically stated in the deed. The granter (borrower) assures the grantee (lender) that they have the legal right to mortgage the property. 2. Special Warranty Deed: This type of mortgage deed provides a limited guarantee to the grantee regarding the title. It guarantees that the granter has not created any encumbrances on the property during their ownership, except as explicitly mentioned in the deed. 3. Quitclaim Deed: This type of mortgage deed transfers the granter's interest in the property to the grantee without making any warranties or guarantees about the title. It offers the least protection for the grantee, as it does not ensure the absence of encumbrances. 4. Deed of Trust: While technically not a mortgage deed, a deed of trust is commonly used in Arkansas as an alternative method to secure a loan. It involves three parties: the borrower (trust or), the lender (beneficiary), and a neutral third party (trustee). The borrower conveys the property to the trustee as security for the loan, and the trustee holds the title until the loan is fully repaid. If the borrower defaults, the trustee can foreclose on the property on behalf of the lender. It is crucial for both borrowers and lenders in Arkansas to fully understand the type of mortgage deed that best suits their situation and to ensure that all legal requirements are met during the mortgage process. Seeking professional legal advice during the transaction is recommended to facilitate a smooth and secure transfer of property ownership.
Arkansas Mortgage Deed
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How to fill out Arkansas Mortgage Deed?
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In Arkansas, there are four recognized forms of property ownership: sole ownership and three forms of co-ownership referred to as joint tenancy, tenancy in common and tenancy by the entirety.
Arkansas deeds are recorded with the county recorder's office for the county where the property is located. In most Arkansas counties, the circuit clerk acts as county recorder and is responsible for maintaining land records and recording deeds. In other counties, the county clerk serves as county recorder.
In Arkansas, whether or not you have a will when you die, your spouse will inherit property from you under a doctrine called "dower and curtesy." Briefly, this is how it works: If you have children or other descendants. Your spouse has the right to use, for life, 1/3 of your real estate.
When a property owner dies in Arkansas, much of their property (real and personal), known as their estate1, must go through a legal process called probate. However, even with real estate, there are some options such as benefi- ciary deeds, joint tenancy with right of survivorship and other options to avoid probate.
Spouses in Arkansas Inheritance Law Whether or not you have a will when you die, your spouse will inherit your property through a doctrine known as ?dower and curtesy.? If you have no children or descendants, your spouse automatically inherits half of your real estate and half of your personal property.
When transferring property, a seller (often called the grantor), writes out a deed, transferring property to the buyer (often called the grantee). The deed is then recorded with the recorder in the county in which the property is located.
Arkansas law requires the recording of all real estate deeds. Submit the completed form to the recorder's office for the county where the land is located.
Arkansas is a common law state, which means that a joint tenancy with right of survivorship is a common form of joint ownership.