What do I need to do to get a property deed transferred to a family member?

A property deed is a legal document that outlines who the legal owner is of any piece of real property. The primary purpose of a property deed transfer is to move the ownership of property from one person or entity to another. This allows the new owner to have full rights and responsibilities to the property.

The Different Types of Deeds

There are different types of transfers that pertain to transferring property, which include:

• Warranty Deed—The most common is a general warranty deed that conveys the ownership of real estate. The individual selling the deed must legally own the property and have the right to transfer ownership. In addition, the property must be free of any financial burdens, such as mortgages or property liens. If the buyer later discovers any unpaid financial obligations, he can take legal action against the seller.
• Quit Claim Deed—A quit claim deed may be the easiest way to add a family member to the title of the property. It basically transfers any claim or interest in the property that may be held by the grantor. These are most often used in transferring ownership to a spouse or used as a gift. In divorce settlements, one spouse may request the other sign a quit claim when the property is sold to a third party.

Steps for Property Transfer

Anyone who wishes to sell or grant their property to a family member must follow the state regulations where the property is located. The deed must identify all of the parties involved and give a description of the property being transferred. The deed must be delivered to the grantee and accepted by the family member. Once this has been done, the transaction must be recorded with the local county clerk who handles the registry of deeds.

Getting Advice From a Real Estate Attorney

Sometimes family members choose to pass their property to relatives while they are still alive. In some cases, they may choose to grant the property using a beneficiary deed, which transfers the property upon the owner's death. The laws regarding property deed transfers may be confusing and there are many legal loopholes to look out for. When you wish to transfer or sell your property, contact an experienced real estate attorney for advice.