When a home is sold to a new owner, conveyancing is the process of transferring this property in a measured and organized way. There are some legal requirements that must be observed when transferring property, and these legal requirements help to protect both the buyer and the seller.
If you are buying or selling a property in the state of Arizona, it is important that you take the time to understand how the conveyancing process works so that you can have a smooth and stress-free sale.
What are deeds and how do they work?
During the transfer of real estate property, a deed must be drafted. A deed is a simple legal document that works to provide an overview of the real estate property in its present state, as well as including transaction details such as the sellers and the intended buyers of the property.
There are two types of deeds that can be used in real estate. A quitclaim deed is one consisting of a description of the property with no guarantees that the property will be in this state upon purchase. A warranty deed provides greater protecting for the buyer, because if any detail in the deed is incorrect upon purchase, the buyer has legal grounds for a dispute.
The important of recording a deed
It is vital that all deeds are recorded as part of the conveyancing process. This should be done with the relevant county office.
If you are buying or selling a home in Arizona, make sure that you understand your rights and protections in regard to the conveyancing process.
