How do quitclaim deeds affect property taxes in Arizona?

Asked by belmontkae, Los Angeles, CA Sat Jul 14, 2012

Two guys own a vacation house in Arizona for 25 years; one now wants to buy the other out with cash. The buyer wants to know if he should "purchase" it and go through escrow, or just pay the friend and have him sign a quitclaim deed. There is no mortgage on the property. Will a quitclaim avoid a re-assessment of the seller’s portion of the property?

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Tim Moore, Agent, Kitty Hawk, NC
Sat Jul 14, 2012
A quit claim is just a name change of the deed. One comes off and leaves the other(s) there. As long as there is no mortgage it's easy. Contact a lawyer to have him draw up the papers and new deed.
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