In the real estate industry, transfer of ownership is necessary when someone has sold their property. Even in inheritance or in the event of death, transfer of property is important. A deed should be prepared, executed and recorded which is known as conveyancing. To transfer your property successfully, this process has to be followed.This article gives an insight into transferring the real estate titles.
To transfer property from one person to another, you need to consider the type of deed that is relevant to you. 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.A deed must contain some particular information to be deemed valid.
To ensure that the buyer is protected from property claims, it is important to consider a special or general warranty. When you need to transfer property to one person but from many owners, a quitclaim is used. When there is no monetary transaction, a gift deed is the most appropriate.For all these different types of deeds, there are forms available for completion of details by the current owner who is known as a grantor. When it is a gift deed, the owner of the property is known as a donor, and the grantee is the recipient of the property.
Consequently, the name and address of both parties should be filled in the forms. Details of the physical address of the particular property should be included.Additionally, you need to attach a copy of the property title including 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. The amount of money involved in the deeds that involve money such as the general warranty deed must be declared. From this amount, tax will be charged.Since a gift deed does not involve a monetary component, it is normally indicated to show that there is no consideration, but affection.
A grantor is supposed to describe the term of the deed.This is by including the words of conveyance in the documents.The type of deed that you are preparing will determine the words contained in the documents. The grantor and grantee should sign the documents after they are done with the filling in of details, in the presence of a notary.Two witnesses are also required to be present and will sign too of which the notary can be one of the witnesses.In the event of a gift deed, you should not bring in family members as witnesses.
The deed should then be filed at your county’s recorder’s office. You will be charged a fee depending on how big your document is.