Guidelines on Transferring Real Estate Titles
It is important to transfer ownership of property when someone sells their property.It may also be useful when you gift someone your property or passing down your property after death. This process is achieved by preparing a deed, executing and recording it. To transfer your property successfully, this process has to be followed.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 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.
To ensure that the buyer is protected from property claims, it is important to consider a special or general warranty.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. Details are required to be filled by the grantor, in some forms which are available for all different types of deeds.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. Details of the physical address of the particular property should be included. 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.
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. From this amount, tax will be charged. There is no monetary component in a gift deed, hence they indicate it clearly in the forms.
A grantor is supposed to describe the term of the deed. Words of conveyance are necessary for the documents. These words will be determined by the type of deed that 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.In the event of a gift deed, you should not bring in family members as witnesses.
The deed should then be filed at your county’s recorder’s office. You will be charged a fee depending on how big your document is.