When transferring property, you need to understand how the process goes before you proceed. It is also incredibly beneficial to have a real estate lawyer that can guide you through the way. Ensuring that everything falls into place can be tough if you don’t have the legal guidance.
An attorney that specializes in real estate can also identify some issues that you may not be aware of. When it comes to deeds, transferring property can sometimes be a lot more complicated than it should be if there are multiple parties involved. Property transfer involves the transferral of something that can sometimes be of more value than a person’s total assets.
To fully understand how transferring a property works, read on below.
What is a deed?
The deed is the document that guarantees that the transfer of the ownership of a property has been authenticated. The grantee, who is usually the buyer, and the grantor, who is usually the seller, will both be identified by name on the deed. The description of the property will be provided on the deed to identify it as well.
The person who is going to transfer the property has to have their signature notarized. In real estate, there are two types of deeds that you will encounter in transactions. To avoid confusion, it is better if you get the help of a real estate lawyer before you start planning the transfer of property.
Also known as a warranty deed, a grant deed is when you transfer the ownership of property while still holding good title to it as the grantor. This is to ensure that you are the owner of the property that you are giving. This is the most common deed that you will encounter which typically smooths out the transactions between the buyer and the seller of a property.
Contrast to the grant deed, a quitclaim deed is the form of a deed where the grantor doesn’t provide the same guarantees. It is essentially stating that you have an interest in the property as a grantor, but you are not going to warrant it in the title. If the grantor does have any items that they own in that particular property, those items go to the grantee regardless of whether or not the grantor is the owner of the property as a whole.
Common Title: Joint Tenancy
Joint tenancy means that if the joint tenant passes away, the share of the owner will pass to the surviving joint tenants. This is commonly observed in marriages. It is to ensure that if the husband or wife passes, the property will be transferred, in whole, to the surviving person in the marriage.
Why get legal help?
On the surface level, it may seem easy to understand the process of transferring property. Technically, you’d only have to provide your signature on a document that states that you are the rightful owner of the property that you are transferring. However, it goes beyond that. Any claims against the property might complicate the proceedings which is why you need to have legal representation and counseling.
Real estate matters can be pretty tricky if you do not know its ins and outs. Let our real estate lawyer at Bolger Law Firm guide you by the hand so you do things right.