Tips on How to Transfer Real Estate Titles
When a house is sold in real estate, it is necessary to transfer ownership.It may also be useful when you gift someone your property or passing down your property after death. A deed should be prepared, executed and recorded which is known as conveyancing. To transfer your property successfully, this process has to be followed. 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 depends on the person you are transferring the property to and to what extent 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.A quitclaim deed transfers property ownership to one person from many owners.To transfer ownership of property with no payment, a gift deed is prepared.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. 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.The physical address of the property that is being transferred should be filled in too. 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.
Additionally, the reasons for transferring the title should be stated. At the same time, if there is any monetary transaction in the deed, it should be clearly indicated. Additionally, there is usually a tax that is normally charged from this amount.Since a gift deed does not involve a monetary component, it is normally indicated to show that there is no consideration, but affection.
The grantor is also required to explain the term of the property deed. Words of conveyance are necessary for the documents. It is important to note that these words will depend on the type of deed you are preparing. The grantor and grantee should sign the documents after they are done with the filling in of details, in the presence of a notary.Two witnesses are also required to be present and will sign too of which the notary can be one of the witnesses. It is wrong for family members to witness a gift deed.
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 .