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A deed allows the current owners (grantors) to transfer property to new owners (grantees). A quitclaim deed does not provide any warranty or guarantee of title.What Is an Arizona Quitclaim Deed? In the state of Arizona, a quitclaim deed is a legal document used to transfer property from one person to the next. Parties need not be married; may be more than two tenants in common. Each spouse holds an undivided one-half interest in the estate. One spouse may quit claim a deed to the ex in a divorce. However, it should be noted that the mortgage is a separate issue. Corporation in Warranty Deed recorded October 19, 2004 in Recording No. 20041221066, records of Maricopa County, Arizona, described as follows:. 1. A deed that represents the payment in full or forfeiture of a recorded contract for the sale of real property. 2.
A written instrument by which any person or corporation holds a mortgage on the real property subject to the recorded contract. 3. A written instrument by which a person or corporation holds a quitclaim deed on the real property subject to the recorded contract. 4. A deed by which a person or corporation in the last resort holds a quitclaim deed on the real property subject to the recorded contract when other remedies fail. 5. If it is impossible to obtain a quitclaim deed, a mortgage may be recorded on the property subject to the recorded contract. 6. If no other remedy is available to secure the property, the mortgage holder does not possess a quitclaim deed unless an actual physical possession of the property is required to secure legal title to the property. 8. Under a quitclaim deed, ownership of real property has become solely in the name of the quitclaim creditor or purchaser and a copy or an affidavit showing that he or she owns all the title to the real property. 9.
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