Can a grantee be a trustee?
The grantee in a deed of trust is either the trustee or the beneficiary.
Who is entitled to a beneficiary deed in Arizona?
A beneficiary deed may designate multiple grantees who take title as joint tenants with right of survivorship, tenants in common, a husband and wife as community property or as community property with right of survivorship, or any other tenancy that is valid under the laws of this state.
How does a beneficiary deed work in real estate?
Simply put, a beneficiary deed allows a real property owner to execute a deed that transfers the title to the property to a beneficiary upon the death of the grantor. The deed does not alter the owner’s current interest in the property, and it is simple to modify, offering additional protections and customization options.
Can a beneficiary deed designate a successor grantee?
A beneficiary deed may designate a successor grantee beneficiary. If the beneficiary deed designates a successor grantee beneficiary, the deed shall state the condition on which the interest of the successor grantee beneficiary would vest.
When does a beneficiary deed have to be changed?
Property is only transferred upon the owner’s death, or if there are multiple owners, upon the death of the last remaining owner. Grantors can change the deed by filing a new beneficiary deed. Grantors can also revoke the deed outright by filing a revocation of beneficiary deed.
What you should know about Beneficiary deeds?
A beneficiary deed is a specific type of property deed that is used to transfer real property. Basically, how it works is that the property owner will create the deed with a particular piece of property in mind.
When do you receive a deed for property?
DearCustomer- A deed is the evidence of ownershipof real property and is received upon the transfer of the property, usually at a closing in the case of a sale but sometimes it is simply handed to another individual in the case of a gift or other transfer.
What is an affidavit of disclosure in Arizona?
Arizona Affidavit of Disclosure. Before a transfer of real property is finalized, Arizona law requires the seller to disclose material facts about the relevant property to the buyer in a seller’s disclosure report.
What is a real estate beneficiary?
Real Estate Glossary Term. Beneficiary. 1. The person for whom a trust operates or in whose behalf the income from a trust estate is drawn. 2. A lender who lends money of real estate and takes back a note and deed of trust from the borrower.