Guidelines 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.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.This depends on the person you are transferring the property to and to what extent 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. The current owner who is known as a grantor is supposed to fill some forms for any type of deed.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.
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.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.For the type of deeds that necessitate monetary transaction such as the special warranty deed, the amount must be indicated. Additionally, there is usually a tax that is normally charged from this amount. For a gift deed, it is indicated that no consideration is involved, but affection only.
A grantor is supposed to describe the term of the deed.This is by including the words of conveyance in the documents. It is important to note that these words will depend on the type of deed 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.In the event of a gift deed, you should not bring in family members as witnesses.
Afterwards, file the deed at the recorder’s office in your county. Subsequently, there is a small nominal fee to be paid at the office .