A How-to Guide on Transferring Real Estate Titles
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. This process is achieved by preparing a deed, executing and recording it. The property will be successfully transferred when this is done. Below, are guidelines on transferring 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.
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. When you need to transfer property to one person but from many owners, a quitclaim is used. A gift deed is necessary where there is no money being paid. Details are required to be filled by the grantor, in some forms which are available for all different types of deeds. 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.
Details of the grantor and grantee should be included in the forms. Details of the physical address of the particular property should be included. 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.
Additionally, the reasons for transferring the title should be stated. 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. For a gift deed, it is indicated that no consideration is involved, but affection only.
The grantor is also required to explain the term of the property deed. To accomplish this, the documents should have the words of conveyance. These words will be determined by the type of deed that you are preparing.When all this information has been filled, both the grantor and the grantee are required to sign the documents in front 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.
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.
