In the real estate industry, transfer of ownership is necessary when someone has sold their property. Passing down your property after death or when you want to reward someone, transfer of ownership is necessary. A deed should be prepared, executed and recorded which is known as conveyancing. The property will be successfully transferred when this is done.This article gives an insight into transferring the real estate titles.
Think about the deed that you require for your case, to allow you to transfer your property to someone else. 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 protect the buyer of the property from property claims, consider a general or a special warranty deed. When you need to transfer property to one person but from many owners, a quitclaim is used.To transfer ownership of property with no payment, a gift deed is prepared. The current owner who is known as a grantor is supposed to fill some forms for any type of deed. The owner of the property is referred to as a donor when it is a gift deed, and the recipient is known as a grantee.
Consequently, the name and address of both parties should be filled in the forms. It is a requirement to include details of the property’s physical address. It is important to attach the property’s title and its description. The forms should be filled in accordance with their instructions, to avoid getting challenges.
At the same time, you are required to state the reasons why you are transferring the title. At the same time, if there is any monetary transaction in the deed, it should be clearly indicated. 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.
The term of the property deed should be explained by the grantor.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. Additionally, it is important that two witnesses are available to sign the documents too. For a gift deed, family members should not witness.
Afterwards, file the deed at the recorder’s office in your county. You will be charged a fee depending on how big your document is.