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.
To transfer property from one person to another, you need to consider the type of deed that is relevant to you. 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. 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.
Subsequently, fill in the forms including the name and address of the grantor and the grantee. The physical address of the property that is being transferred should be filled in too. 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.
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. Additionally, there is usually a tax that is normally charged from this amount. 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. Words of conveyance are necessary for the documents.The type of deed that you are preparing will determine the words contained in the documents. In the presence of a notary, both parties should sign the completed forms. Additionally, it is important that two witnesses are available to sign the documents too. It is wrong for family members to witness a gift deed.
Finally, the deed is supposed to be filed at the recorder’s office of your local county. You will be charged a fee depending on how big your document is.