The state of Arkansas allows residents to transfer property from one individual to another. Arkansas has 75 counties within the state that process transfers of properties. You need to understand the steps associated with the process so that there are no issues with your transfer of property.
Find Existing Liens
The first thing to understand with a property transfer is whether anyone owes money on the house. If the person is deceased, the executor of his will should have this information. If not, you can visit the your local county records office in Arkansas where the land is located to get the information that you need. The office can show any liens on the property, which show unpaid debt. A mortgage will be listed as a lien, as would unpaid taxes, an outstanding water bill, or any other debts on which the home has been used for collateral.
If There is a Mortgage
In Arkansas, if a mortgage is on the property, the payments must continue no matter who takes over the property. Otherwise, the home will go into foreclosure. The home or land can still be transferred, but the person or company must go through a closing process with a title company or attorney who will handle any fees and any paperwork that need to be filed in order to finish the process. It is important to keep paperwork and copies of signed documents during all of this as proof that everything was done legally and correctly.
If the Property Has No Liens
If there is no lien on the house, transferring a property in Arkansas can be accomplished. Chances are you want to use a warranty deed, which is the most common deed that is used to make purchases and sales transactions. This has protection for the buyer in Arkansas and shows that there are no liens and that the title is clear and marketable. Verify that this deed has on it the amount of consideration, names and addresses of all parties, city and county where the property is located, along with legal description, signature of the parties and a notary. This will make the deed legal, and the transfer complete. Depending on the Arkansas county you are located in, you may be assessed a fee for the transfer.