Buying Arkansas Real Estate
Types of Deeds Common in Arkansas
Warranty Deed with Title Insurance: This is the most common conveyance in Arkansas. The seller guarantees the Title and the Buyer receives an insurance policy issued by a State licensed Title Insurance company to protect the Buyer’s investment. This is the best protection a Buyer can get.
Warranty Deed: The Seller guarantees the Title is good. This protects the Buyer provided the Seller is still in business if a problem arises. If there is a problem with the Title and the Seller is not in business or can’t be found it will be the Buyers expense to fix the problem. This is good but not as good as also having Title Insurance.
Special and/or Limited Warranty Deed: The Seller is only guaranteeing that the Seller did nothing to adversely effect the Title while the Seller owned the property. This doesn’t protect the Buyer against problems that occurred prior to the Seller acquiring the property. This type of conveyance is frequently used by Seller’s that know or suspect there is a problem with the Title. This is a gamble for the Buyer.
Quitclaim Deed: The Seller is transferring to the Buyer whatever claim, if any, the Seller has to the property and is making no guarantee of anything. If someone was selling you the Brooklyn Bridge this is the type of deed they would use.
Forms of Ownership Recognized in Arkansas
Sole Owner: This is the ownership used when one person owns a piece of property. In Arkansas if you own property as Sole Owner and you are married your spouse will have to consent to a transfer of any interest in the property.
Tenancy by the Entirety: This form of ownership can only be used by a married couple. This form of ownership creates a right of survivorship. If one spouse dies the surviving spouse automatically has full title to the property. To create this form of ownership the Grantees Names in the Deed are followed by the phrase “Husband and Wife”.
Joint Tenancy With Right of Survivorship: This form of ownership is used when two ( not Husband and Wife ) or more people own property together. If one person dies the remaining people automatically own the interest of the deceased.
Tenancy in Common: This form of ownership is used when two or more people own an undivided interest in property without the right of survivorship. Each owner can do with his or her interest as they choose. If one person dies his or her interest is transferred in accordance with the instructions in the Will or, if there is no Will, according to the inheritance laws of Arkansas.
EVERY PROPERTY THAT WE SELL COMES WITH A FULL WARRANTY DEED
Don’t take the risk some sellers offer when they only give you a “Special Warranty Deed” or “Quit Claim Deed”. The WARRANTY DEED you get from American Land Company will be stamped and recorded at the County Courthouse.
