A How-to Guide on Transferring Real Estate Titles
When a house is sold in real estate, it is necessary to transfer ownership. Passing down your property after death or when you want to reward someone, transfer of ownership is necessary. A deed should be prepared, executed and recorded which is known as conveyancing.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. The person that you are transferring the property to determine the type of deed that is needed, and how much 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. 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. 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. 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. The forms should be filled in accordance with their instructions, to avoid getting challenges.
To make it valid, the reasons for the transfer must be indicated. At the same time, if there is any monetary transaction in the deed, it should be clearly indicated. From this amount, tax will be charged. There is no monetary component in a gift deed, hence they indicate it clearly in the forms.
The term of the property deed should be explained by the grantor. To accomplish this, the documents should have the words of conveyance. 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. It also needs two witnesses to sign, of which one can be the notary. 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.