How do I transfer property in Arkansas?
In Arkansas, every legal transfer of real property requires a Real Property Transfer Tax Affidavit form. This form should be completed by the grantee and filed with the instrument (A.C.A. 26-60-107). When real property is conveyed as a gift, no transfer tax is due.
What is DOA property?
Essentially, the Deed of Assignment (DOA) is a legal document that transfers the ownership of a property from one party to another.
Does Arkansas have a real estate transfer tax?
The current rate for the Arkansas real property transfer tax is $3.30 per $1,000. For a $150,000 home, the buyer or seller in Arkansas will pay $495 for the real property transfer tax.
What is the real estate transfer tax in Arkansas?
$3.30 per $1,000
The Real Property Transfer Tax is levied on each deed, instrument, or writing by which any lands, tenements, or other realty sold shall be granted, assigned, transferred, or otherwise conveyed. The tax rate is $3.30 per $1,000 of actual consideration on transactions that exceed $100.
Where can I get a copy of the deed to my house?
If you don’t have a copy of the deed in your possession, you should go to the Recorder of Deeds office in your county and get a copy. Find the property’s tax ID. You can also use the property’s tax identification number—though you should use this number to supplement the legal description of property.
What do you need to transfer a property?
A deed is a legal document which describes the property being sold and must be signed by the sellers. To begin the transfer of real estate, the seller should find a blank deed form and get the legal description of property.
Where do I find the description of my property?
To transfer the property, you need the legal description of the property. You can find this information on the current deed. If you don’t have a copy of the deed in your possession, you should go to the Recorder of Deeds office in your county and get a copy. The description of property will be listed under “Legal Description” or “Description.”
What do you need to know when buying a property?
Whether you are doing the checks yourself or have hired a professional to do the relevant searches for your purchase, there are key things you need to look at when you review the land title. Make sure that you are purchasing the property from the authorised and registered owner of the property.
Where can I get a copy of my property title?
Loss of your title is no reason to panic. You can go to the clerk’s office at the county courthouse where the property is located and request a copy. If you have a mortgage on the property, your mortgage banker should also have a copy on file.
What do you need to know about deeds and property transfer?
There are several types of deeds. Each type varies based on the warranties provided to the grantee. Different varieties of deeds provide varying levels of title. Deeds help show ownership of the property. However, the deed itself is really only used for transfer of the property.
What’s the most common way to transfer property?
Some deeds are more common than others, with the most common variations being the general warranty deed and the quit claim deed. A general warranty deed is often considered the most common way to transfer real property. It is used when you are aware and confident that the title to your property is good and marketable.
What do you need to know about real estate transfer?
Each deed must also be validly delivered to the individual taking ownership of the property. In most situations, it should also be filed with the appropriate authority as well. Every real property transfer will require the use of some type of deed.