There are many instances in which a property owner may want to transfer his or her property onto a new owner. This is called the act of conveyancing. There is an attorney-involved in this process, who takes the desires and needs of the person buying, and converts those desires into a legal document. Then the next course of action will be decided upon in terms of who needs to sign and what title the new owners will hold.
This blog will serve as an overview of how transfers usually occur, and what legal issues might need to be considered in the process.
What is a deed?
A deed is a legal document that sets out the terms of a transfer of property. It sets out who will be the person granting his or her property, and who will be the new owner or receiver of the property.
Warranty deeds are often known as grant deeds, and forms an explicit promise that the ownership has been transferred and that the grantor holds a good title. It basically is a guarantee that the property is given in good faith and is in good interests of the receiver.
A quitclaim deed does not have a guarantee of any quality of a property. This means that the grantor will not make any promises, but purely transfer all responsibility onto the new owner.
Transferring property and dealing with real estate can be extremely complex. It’s important to know the legal consequences of different types of deeds and the negative consequences of being transferred property.
Source: Find Law, “Transferring property,” accessed Aug. 09, 2017