Guidelines on Transferring Real Estate Titles
When a house is sold in real estate, it is necessary to transfer ownership. 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.
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. For a deed to be valid, it needs to have some important 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. 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. A grantee is the recipient of the property, while a donor is the one who executes a gift deed.
Consequently, the name and address of both parties should be filled in the forms. 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. To avoid nullification of the process, the forms should be filled with great care.
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. 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.
The term of the property deed should be explained by the grantor. Words of conveyance are necessary for the documents.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.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. You will be charged a fee depending on how big your document is.