Guidelines on Transferring Real Estate Titles
It is important to transfer ownership of property when someone sells their property.It may also be useful when you gift someone your property or passing down your property after death. A deed should be prepared, executed and recorded which is known as conveyancing.By doing this, your property will be successfully transferred. This article gives an insight into transferring the real estate titles.
First, think about the type of deed you want, which is the legal document that is used to transfer ownership of property from one person to another. The person that you are transferring the property to determine the type of deed that is needed, and how much you want to protect them. To validate a deed, it has to contain some information.
You may consider a general warranty deed or a special warranty deed which ensures that the buyer of the property is protected against the property claims.A quitclaim deed transfers property ownership to one person from many owners. When there is no monetary transaction, a gift deed is the most appropriate. Details are required to be filled by the grantor, in some forms which are available for all different types of deeds. A grantee is the recipient of the property, while a donor is the one who executes a gift deed.
Consequently, the name and address of both parties should be filled in the forms.The physical address of the property that is being transferred should be filled in too. It is important to attach the property’s title and its description. To avoid nullification of the process, the forms should be filled with great care.
To make it valid, the reasons for the transfer must be indicated.For the type of deeds that necessitate monetary transaction such as the special warranty deed, the amount must be indicated. In addition to this, there will be a tax due from this amount. There is no monetary component in a gift deed, hence they indicate it clearly in the forms.
A grantor is supposed to describe the term of the deed.This is by including the words of conveyance in the documents. These words will be determined by the type of deed that you are preparing. In the presence of a notary, both parties should sign the completed forms. It also needs two witnesses to sign, of which one can be the notary. It is wrong for family members to witness a gift deed.
The deed should then be filed at your county’s recorder’s office.A nominal fee for recording is usually charged depending on the size of your document.