Quit Claim and Warranty Deeds
Quit Claim Deeds and Warranty Deeds are documents that are used to transfer real estate.
In the estate planning context, the deeds do not transfer the property between a seller and buyer, but between you as an individual owner and you as the Settlor or Grantor of a revocable Trust.
When you create your Estate Plan with a Trust with Owens & Perkins we will transfer your real estate into your Trust using either a Quit Claim Deed or Warranty Deed.
If the real property is a primary residence or second home in Arizona, the firm will prepare deed(s) for the transfer of your real estate directly into your Trust, regardless of what county the property is located in. This is called Trust Funding. For further information about Trust Funding CLICK HERE.
In order for the firm to prepare the appropriate deed(s) to transfer your home(s) into your Trust, the real estate must be located in the State of Arizona (as we are not licensed to practice law in other States).
In addition, for the property to go into your Trust, the real property should be of personal use, such as your primary and secondary homes (for liability reasons).
If you own rental property, commercial property and/or industrial property, we will set up a Limited Liability Company for you to limit your liability and to protect your personal assets. The Limited Liability Company, itself, will then be owned by the Trust.
Once the Limited Liability Company is set up, we will prepare the appropriate deed(s) to transfer the rental, commercial and/or industrial real property to your Limited Liability Company giving you protection from possible liability arising from these business activities.