Posted on: 27th May, 2004 11:42 pm
Deed is a legal instrument used to grant a right. It refers to a document used to transfer ownership of a property to another person. It provides the names of the old and new owners along with a legal description of the property being conveyed.
Is deed always required for property transfer?
The interest in the property cannot be conveyed without having a written documentation of the transfer. Hence a deed is most often required for the transfer of real property. However, in certain situations like a divorce, a document (a court order in case of divorce) other than a deed can be used to transfer property.
What can be done to make the deed valid?
In order to make the deed valid, one needs to follow the laws of the state or city. This is why it is better to use a deed prepared by an attorney who is aware of the legal aspects.
Generally there are two parties to a deed - the grantor transferring the property and the grantee receiving the title/interest conveyed. In most states, only the grantor has to sign the deed after which it is taken to the notary public who will sign and stamp it. The notary public verifies whether the signature on the deed is genuine. The deed is then recorded at the office of the County Recorder.
What are the different types of Deed?
There are various types of deeds required for different purposes in different states. A general idea about each type of deed is given below.
Is deed always required for property transfer?
The interest in the property cannot be conveyed without having a written documentation of the transfer. Hence a deed is most often required for the transfer of real property. However, in certain situations like a divorce, a document (a court order in case of divorce) other than a deed can be used to transfer property.
What can be done to make the deed valid?
In order to make the deed valid, one needs to follow the laws of the state or city. This is why it is better to use a deed prepared by an attorney who is aware of the legal aspects.
Generally there are two parties to a deed - the grantor transferring the property and the grantee receiving the title/interest conveyed. In most states, only the grantor has to sign the deed after which it is taken to the notary public who will sign and stamp it. The notary public verifies whether the signature on the deed is genuine. The deed is then recorded at the office of the County Recorder.
What are the different types of Deed?
There are various types of deeds required for different purposes in different states. A general idea about each type of deed is given below.
- Quit Claim Deed:
A document used to transfer any or all legal rights that the grantor has in the property. But the deed provides no warranty regarding the extent of the grantor's interest in the property. Know more
- Warranty Deed:
Through this deed, the grantor transfers all his rights on property to the grantee. Either it warranties clear title (title free of any lien or defects) to the property or whatever is stated on the deed. Know more
- Grant Deed:
It helps to convey legal rights to the grantee. It provides the guarantee that the title has not been transferred to any other person except the grantee and that the title is free from any lien attached to the property.
- Fiduciary Deed:
Using this deed, a fiduciary such as trustee, guardian or executor transfers property to the grantee. This legal document implies that the fiduciary has acted within the powers allotted to him.
hi!
welcome to forums!
to jonathan,
when the property is transferred to you, the lender will want you to refinance the loan in your name or else he will call the loan due. with a low credit score or insufficient debt to income ratio, you won't be able to get a loan. also, you should note that as you already have a mortgage on one property, lenders won't be ready to give you a loan to buy another property.
to guest,
you will have to file the deed at the county recorder's office once it is probated and get the property transferred in your name. it is not mandatory for the property to be free and clear of any debt in order to get it transferred in your name. you can transfer the property in your name and then refinance the mortgage in your name and pay it off.
sussane
welcome to forums!
to jonathan,
when the property is transferred to you, the lender will want you to refinance the loan in your name or else he will call the loan due. with a low credit score or insufficient debt to income ratio, you won't be able to get a loan. also, you should note that as you already have a mortgage on one property, lenders won't be ready to give you a loan to buy another property.
to guest,
you will have to file the deed at the county recorder's office once it is probated and get the property transferred in your name. it is not mandatory for the property to be free and clear of any debt in order to get it transferred in your name. you can transfer the property in your name and then refinance the mortgage in your name and pay it off.
sussane
I need some advice on how to remove my deceased step-father's name from the deed to my mother's property. She carried the mortgage in her name and paid every payment herself, but both their name's were on the deed. My mother was told upon his death....in the hospital (11/25/02), that the day before, he had his daughter prepare his last will and testament leaving her half of his "estate". He had another daughter, with three children, that past away three days after he did. Everyone who knew him, knew he had nothing but goats, old tractors, debt, medical bills, and a bunch of old junk to clean up....and it took me years to weed through it! Well, my mother and I, have since, worked very hard to repair, rebuild, and pay the property off...we are now wanting to transfer the property into my name and are finding out what a mess we have to go through in order to do it with his name on the deed. What can I do to insure peace of mind, I won't have to battle over my mother's property with long lost relatives of the deceased?!
Welcome Rose,
Your step-father has left a will in which he has given his share of the property to his daughter. Now that he is deceased, your family will have to probate the will and then the property will be divided according to the will. Other than this, you won't be able to remove his name from the property deed.
Your step-father has left a will in which he has given his share of the property to his daughter. Now that he is deceased, your family will have to probate the will and then the property will be divided according to the will. Other than this, you won't be able to remove his name from the property deed.
Is it necessary to transfer a deed (to property left to me in a will) into my name before I sell it?
Hi Mary,
You should be the owner of the property when you decide to sell it off. Though the property has been left to you in the will, you will have to probate it and get it transferred in your name. Once you become the owner of the property, you will be able to sell it off.
Thanks,
Jerry
You should be the owner of the property when you decide to sell it off. Though the property has been left to you in the will, you will have to probate it and get it transferred in your name. Once you become the owner of the property, you will be able to sell it off.
Thanks,
Jerry
question. i am buying property. vacant land and the deed needs turned to me. i guess. kind of confused on this. help
Welcome Guest,
You can ask the present owner of the property to sign a quit claim deed and transfer the property to you. The present owner can contact a real estate attorney and get the deed drafted from him.
You can ask the present owner of the property to sign a quit claim deed and transfer the property to you. The present owner can contact a real estate attorney and get the deed drafted from him.
I need to transfer our time share warranty deed from both my husband and I to just me. I live in Pennsylvania but the deed is recorded in Florida. What do I have to do?
Hi anonymous,
Where is the property located? You will have use the warranty deed and record the deed at the county recorder's office where the property is located. You can contact a real estate attorney and take his opinion in this matter.
Where is the property located? You will have use the warranty deed and record the deed at the county recorder's office where the property is located. You can contact a real estate attorney and take his opinion in this matter.
My mother would like to give me the house I have rented from her for over 20 years. She still owes approx. $20,000. How do we begin? I live in Texas and have so-so credit. How do we proceed? If I cannot secure a loan, is there anything else we can do?
your mother can sign a quit claim deed and transfer the property in your name. as far as the loan is concerned, you can refinance it in your name if you meet the required criteria of the lenders. you may even apply for a novation which is another way of transferring the mortgage from one person to another. however, it is the discretion of the lender whether or not he would accept novation.
my family member would like to give me her house. I would then sell it and pay off my mortage. What do I need to know
Hi br,
Before you get the property transferred in your name, you need to know whether or not there are any liens on it. If there are liens on the property, then you need to ask the family member to pay it off, or else you would be liable for paying it. Once you sell off the property, you would be liable for capital gains taxes depending upon the amount of profit you incur from the property sale.
Thanks
Before you get the property transferred in your name, you need to know whether or not there are any liens on it. If there are liens on the property, then you need to ask the family member to pay it off, or else you would be liable for paying it. Once you sell off the property, you would be liable for capital gains taxes depending upon the amount of profit you incur from the property sale.
Thanks
My dad is in an ALF but he and mom are still owners of their home though they were declared incapacitated by the court does my father still have to transfer the deed? My mom since has died.
Hi Lilly,
As your father has been declared incapacitated by the court, I don't think he would be able to sign the property deed to transfer it to someone else. You need to contact a real estate attorney and he would be able to guide you in this matter.
Sussane
As your father has been declared incapacitated by the court, I don't think he would be able to sign the property deed to transfer it to someone else. You need to contact a real estate attorney and he would be able to guide you in this matter.
Sussane