Transferring property to a new owner is done through an attorney who files the necessary deeds and paperwork. The act of transferring this property to a new owner is also called conveyancing.
A deed is a document that identifies the buyer and the seller, describes the property and allows the ownership of the property to be transferred. If a property deed is in your name, for instance, you are the property owner. Once you sign the deed and an attorney files the proper paperwork, the transfer of property has begun.
Types of Deeds Involved
A warranty deed is the common deed used in transfers of property and not only transfers the claim of the property to another but warrants that the deed holder does have legal claim to the property. A quitclaim deed, on the other hand, is also frequently used to transfer property to another owner, but makes no claim about current ownership. A warranty deed is an assurance that the person transferring ownership holds the property legally, in other words, but the quitclaim deed transfers any interest the seller has in the property to a new owner, but doesn't promise or make a warranty about how must interest that actually is.
- Deed Types - Read more about and find out how each type of deed works.
- Deeds by State - Information on which Deeds are applicable in your state.
Consent can be written or verbal permission for an individual to be on the land. Consent can also be implied—in the case of an emergency, for instance, whether landowner consent was impossible to get.
If there are any land title issues or disputes, quitclaim deeds are used to transfer property. If the parties trust one another, as in family or friends, quitclaim deeds are commonly used. They're also often used in divorce when one spouse gives up interest in the property to the other and both are already aware of the interest the other person has in the property.
When transfer of property is to go to two or more people at once, the attorney must determine tenancy. This means that it must be decided if the people gaining the property will own it as joint tenants or if they'll own the property under what's called “tenants in common.” This distinction is most important when one owner dies, but generally affects little else.
If you are a joint tenant with someone else and that person should die, complete ownership automatically passes to you and any other living joint tenants, even if the deceased willed his or her share in the land to another person. This is called the right of survivorship. Husband and wife are often joint tenants. Tenants in common do not have the right of survivorship, so that the deceased may will his or her share in the property to a person of choice.
Real Estate Lawyers.com provides a nationwide listing of real estate lawyers, mortgage brokers and real estate agents to represent you in your real estate transaction needs. Simply type in your zip code to find the right real estate professional near you.