Nowadays, owning several real estate properties is considered another best way to make wise investments. However, it is also a reality that time will come wherein you need to give some of your property or sold them and transfer the ownership to the new buyer or beneficiary.
It is essential to understand how transferring titles work since this is a highly sensitive and technical issue between your family and relatives, and other people. So, if you are likely to transfer some titles to someone in the future, this guide is for you.
Determine the type of deed
When it comes to land or property titles, you need to know a deed before taking the first step in transferring ownership. A deed is a legal document that executes a change in a property’s ownership from one person to another.
There are different types of deeds to prepare depending on two factors: (1) who is the grantee and (2) how much protection you want to give to the other party. Above all, remember that a deed must be written and must contain all necessary information to be valid.
Define the manner of transfer
It is also necessary to determine the manner by which you are transferring a property’s title.
There are many ways to transfer title to another person. For example, you might sell your property (direct and upsell putting up of the property for sale through the help of an agent), gift your property to your kids and other next of kin, or pass the property down after your death (usually to your family and other relatives, unless otherwise stated in an official last will and testament).
Choose a general warranty deed
This type of deed is usually used when selling a property to someone alien to you. It is much preferred over other types of deeds because of the following:
- It guarantees against any acts or omissions on the original owner’s part or on the part of any previous owners that might impair the quality of the title.
- You promise that you are the lawful owner of the property at the time of transfer
- You promise that the property is free from all impediments
- You promise to defend the title so that the new owners will not have any problems
Still, it is your choice to execute other types of deeds like an exceptional warranty or quitclaim, depending on what is needed between you and the other party.
Put the deed into writing
After careful evaluation, write your deed. You can seek professional help from a legal expert in drafting your deed until it gets notarized by a notary public. After that, you need to deliver the deed to the grantee, and it should be acknowledged by the latter.
Record the deed
The last part you need to accomplish as the owner is to record the deed at your local registry office. It should be done as soon as possible because it notifies other interested buyers or other people with claims that the ownership of the mentioned land or property is already transferred to a new owner.
All you need to do is go to the registry office, file the deed to the clerk, and pay the corresponding fees.
So, are you up and ready for your next property for sale? If yes, make it more saleable by using a compelling real estate listing. Check this site if you need help in completing a persuasive listing that results in closed deals.
Moreover, if you transfer a title to a family member, try following the above tips to make the process fast and easy.