The information provided on the Arizona Legal Briefcase, LLC web site is offered purely for informational purposes only. Although much of the information is legal in nature it does not constitute and should not be relied upon as legal advice. While we strive to keep the information on this site current, we do not promise or guarantee that the information is correct, complete, or up-to-date.
Irrevocable Trust - a trust that can only be changed or canceled if the beneficiary gives consent. Having transferred assets into the trust, the grantor effectively removes all of his or her ownership rights over the assets and the trust. This is the opposite of a Revocable Trust which allows the grantor to modify or cancel the trust at will.
Deed - a legal instrument in writing used to grant a right. Deeds require often require either notarization or a number of attesting witnesses. They are often used by lawyers when a very formal document is required. Deeds can be described as contract-like as they require the mutual agreement of more than one person.
Disclaimer Deed - is a deed in which a spouse disclaims any interest in the real property acquired by the other spouse. A mortgage company often asks a borrower to sign a disclaimer deed so that his spouse not having her name on the loan, cannot claim any interest in the property.
Quit Claim Deed (often referred to as "Quick Claim Deed") - is a real property deed which transfers (conveys) only that interest in the property in which the grantor has title. Commonly used in transfers of title or interests in title, quitclaims are often made to family members, divorcing spouses, or in other transactions between people well-known to each other. Quit claim deeds are also used to clear up questions of full title when a person has a possible but unknown interest in the property.
Special Warranty Deed - A special warranty deed is a statutory concept that confers ownership in real property with a limited number of assurances about the seller's ownership in the property being conveyed.
Warranty Deed - A general warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer). The guarantee is not limited to the time the grantor owned the property—it extends back to the property's origins.
Beneficiary Deed - A beneficiary deed designates a beneficiary upon the
death of the grantor. No title change occurs until the grantors demise.
Limited Liability Company - is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions. LLCs do not need to be organized for profit.
Limited Liability Partnership - In an LLP one partner is not responsible or liable for another partner's misconduct or negligence. This is an important difference from that of a limited partnership.