A How-to Guide on Transferring Real Estate Titles
It is important to transfer ownership of property when someone sells their property. Even in inheritance or in the event of death, transfer of property is important.This process is known as conveyancing which requires preparation of a deed, execution, and recording.By doing this, your property will be successfully transferred. The following are tips on how to transfer 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. This is dependent on how much you want to protect the person that you are transferring the property to.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. For transferring property from many owners to one, a quitclaim is appropriate. A gift deed is necessary where there is no money being paid.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. A grantee is the recipient of the property, while a donor is the one who executes a gift deed.
Subsequently, fill in the forms including the name and address of the grantor and the grantee. It is a requirement to include details of the property’s physical address. A copy of the title of the property should be attached too. 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. There is no monetary component in a gift deed, hence they indicate it clearly in the forms.
The grantor is also required to explain the term of the property deed. To accomplish this, the documents should have the words of conveyance.The type of deed that you are preparing will determine the words contained in the documents.When all this information has been filled, both the grantor and the grantee are required to sign the documents in front of a notary. It also needs two witnesses to sign, of which one can be the notary.In the event of a gift deed, you should not bring in family members as witnesses.
Finally, the deed is supposed to be filed at the recorder’s office of your local county. Subsequently, there is a small nominal fee to be paid at the office .