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When you purchase real property such as a house, you’re said to be “taking title.” What you receive, however, is a deed and perhaps an abstract of title summarizing your home’s ownership history. When you purchase or otherwise receive property, your deed is added to its chain of title. Documents related to the chain of title are maintained at the applicable county property records office.
Deeds and Titles
Property deeds are public record and available from the recorder’s office or property records office of the county in which your home is located. When you purchase a house or other real property, you’ll usually receive the deed when you close on the sale. Examining your home’s title, though, will require you to go online or visit your county’s property records office. A property’s title is also generally composed of many separate documents, and searching through all of them can take several hours.
Property Title Searches
Depending on its age, a house or other real property’s title can be quite voluminous. For example, a 50-year-old home’s title may include deeds from several past owners, foreclosure notices, tax assessments and liens, land surveys and other documents. Records related to a property’s title history are public as well, and can be researched at the applicable county property record’s office. Property title companies partly exist to search titles on behalf of homeowners, property investors, mortgage lenders and any other interested parties.
Abstract of Title
In addition to a deed, another document you may receive when you take title is an abstract of title, also called a title abstract. A title abstract is a brief recitation of a property’s ownership history. Using an abstract of title, you can see whether your home’s title history is clear or if old liens and other encumbrances or clouds on the title exist. You can order an abstract of title for your home from a property title company.
Taking Title to Real Property
Any liens on a property you purchase become your responsibility once you’re the new owner. Never take title to a house or other real property until you’ve had an opportunity to examine its ownership history. Before approving and then funding your mortgage loan, the lender will also insist on a title search and a clear title. If you’re paying cash for a home or other real property, you should also have its title researched and then an abstract of title delivered.
It can take 30-60 days for the grant deed notifying an ownership change is properly recorded. Your official title deed is ready after this recording.
- What Is a Quit Claim Deed & Can It Be Withdrawn?
- How Can I Do a Quit Claim Deed Myself?
- How to Prepare & Record a Quit Claim Deed
- How Can I Add a Person to My House Deed?
- Differences Between a Fiduciary Deed & a Quitclaim Deed
If it’s time to sell or give your property as a gift, a deed is the way to go. But you won’t want to just pull a do-it-yourself form off the internet and sign it. A deed is a legal document and must be drafted and signed according to the laws of your state. To complicate matters, you’ll need to select the appropriate type of deed for your transfer. A good place to start is with an overview of the deed process.
Decide which type of deed works best for your transfer of real estate. You may require a professional’s expert advice and you typically must record the deed with the county.
Quitclaim and Warranty Deeds
All deeds transfer property interests, but they don’t all contain the same language and guarantees. The person transferring property is termed the grantor and the person or entity to whom the property is transferred is called the grantee. On the easy end of the spectrum is the quitclaim deed. It transfers a grantor’s interest to a grantee without specifying what the interest is, liens, or other debts secured by the property. On the other end is the general warranty deed, where the grantor guarantees that he has a certain interest in the property, the legal right to grant ownership, and there are no undisclosed encumbrances on the property. Warranty deeds guarantee that the grantor will defend the title against any defects, even if they occurred before the grantor owned the property.
Grant and Interspousal Deeds
If you are transferring property in a traditional real estate sale in San Francisco, you’ll probably use a grant deed, the most common deed in California real estate transactions. Grant deeds offer the grantee more protection than the quitclaim deed but less than a general warranty deed. However, if you live in San Francisco and wish to use a general warranty deed, you can do so. You could also modify the language on a grant deed to provide additional protections. Other types of deeds are usually variations on one of these themes. For example, interspousal transfers are a type of quitclaim deed for transferring property between spouses.
Transactions Between Family and Strangers
If you are gifting property, you might use a quitclaim deed, which can work well for transfers between familiar parties. For example, transfers of real estate between parents and children, family members or spouses are common circumstances for quitclaim use. It can also be used to change names on a deed after marriage or divorce, although in California, a grant deed is usually recommended for this type of transfer. A homebuyer usually won’t accept a quitclaim deed in a sale transaction. Anyone paying big money for a house wants guarantees about the grantor’s interest and legal authority to transfer the property. They’ll also want to know what liens and loans are secured by the property, since those are transferred with the property interest.
When to Seek Expert Advice
You might be better off using a professional to prepare the deed for your transfer, especially when selling a house. Quitclaim deeds are the exception and grantors can often draft and execute these without professional help. All that quitclaim deeds require are the names of the grantor and the grantee and a legal property description. Since requirements are different in each state as to who has to witness and who must sign, you may need to consult with an attorney, your county clerk’s office or a title or escrow agent. In San Francisco, only the grantor’s signature is required, but it must be signed in front of a notary.
Are you selling your house and need to transfer ownership? Are you headed into retirement and want to give your home to your kids? Or is there any other life circumstance where you need to put your property into the hands of another person? If so, you’ll have to transfer your real estate deed.
Luckily , transferring a real estate deed is straightforward and shouldn’t take too much time or energy.
Why transfer real estate deeds?
While there are many reasons to transfer deeds, you’ll generally need to do so if someone’s name is removed or changed on the property title. To ensure a legal change to the property title, you’ll want the services of a real estate attorney.
What the lawyer needs to do
A qualified real estate attorney will prepare and file the real estate transfer deed. Be prepared to provide basic information about both the property in question and the individuals who need to be listed on the title.
The real estate attorney will do an inquiry to establish the legal description of your property. He will also confirm the current owners whose names appear on the deed. Usually this process will fall into one of three categories:
- For a transfer to a trust, a certificate of trust or abstract of trust needs to be supplied.
- For a transfer to a business, a certificate of formation or article of incorporation needs to be provided.
- In case of the death of a co-owner on the current deed, a legal copy of the death certificate will be needed and an affidavit will be arranged.
What you need to do
Sign the new real estate deed. It will be filed with the appropriate county recorder’s office. Usually the filing and recording process takes from four to eight weeks, and you will receive the new real estate deed in the mail.
Property transfer between relatives
Sometimes an aging parent wants to give legal responsibility for their home to their child. If the property has a mortgage on it, the child who receives the property will need to get a loan before completion of the property transfer.
Next, the parent will complete a “quitclaim deed,” or deed of release, to transfer ownership. This is sometimes a recommended process for people who are related, as it’s rather straightforward and doesn’t require a lawyer. (Here’s more on when you need a quitclaim deed.)
A notary must be present when signing the deed. The notary will sign and stamp it, making it legally binding. Depending on your location, you may need the signatures of additional witnesses.
Be sure to photocopy the document, distribute it to all parties and file the quitclaim deed with the local land records office where the property is located.
The bottom line
Whatever the reasons for transferring ownership of a property, a real estate deed transfer is one of the more efficient and less time-consuming steps in the homeownership process.
Angela Colley writes about real estate and all things renting and moving for realtor.com. Her work has appeared in outlets including TheStreet, MSN, and Yahoo.
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The costs associated with a title transfer will vary by state and by how the transfer is accomplished. Filing a deed yourself may be the cheapest method, but it will require quite a bit of homework to ensure you have filled out and correctly filed the appropriate paperwork.
Online legal document centers, such as LegalZoom, offer deed transfer services for around $250, plus filing fees. These services typically include title research, creation of the real estate deed, and filing of the deed with the county recorder’s office. You can also hire a real estate attorney to execute the deed transfer. This might be the most expensive option, but it may also be the least stressful since you will be certain the transfer was executed appropriately.
- Filing a deed yourself might be inexpensive but requires being informed.
- Hiring an attorney might be expensive, but also less stressful.
- Transferring property could cost more than leaving it as an inheritance.
Costs of Tax Consequences
Tax consequences of selling a property to a child can end up costing them more money than if they were to inherit the property later. Assume you purchased your home years ago for $50,000. Over the years, you put $20,000 into the home. It has a current market value of $250,000. Because you transferred the home to your child while you were still living, your cost basis, which would be $70,000, becomes your child’s basis.
If your child sells the home, they would owe capital gains taxes on the difference between the sale price and the cost basis, which would be $180,000. At a capital gains rate of 15%, that would equal $27,000 in taxes. The tax rate would be higher if you owned the home for less than one year, at which point the profit would be taxed as ordinary income.
If your child moves in and lives in the property for at least two out of five years before selling it, up to $250,000 of profit can be excluded, and $500,000 can be excluded if filing jointly with a spouse. Your child will have to use your cost basis of $70,000, which includes the $50,000 purchase price, plus the $20,000 in improvement costs.
When a parent transfers the title of the home to a child without receiving valid consideration, this is considered a gift. Gifts in excess of the annual exclusion rate must be reported to the IRS, and the donor will be subject to gift taxes.
Transferring Title vs. Inheriting
If your child inherits the property upon your death instead of you transferring the deed to them, the child will receive the stepped-up basis, where the value of the property on the date of your death becomes the child’s basis. So, if the property has a market value of $250,000 at the time of your death, your child could sell the home for $250,000 and not be responsible for capital gains tax.
It has been suggested that the stepped-up basis rule could be modified in the future. Since tax rules do change, it is important to consult with a qualified tax specialist before making any decisions.
Transferring your real estate holdings to an LLC may limit your personal liability for claims or lawsuits involving the property.
by Jane Haskins, Esq.
updated May 14, 2021 · 4 min read
For owners of rental or investment real estate, it’s common to form a limited liability company (LLC) and transfer title to the property from the individual owner to the LLC.
Transferring property to an LLC can limit your personal liability if someone is injured on the property and files a lawsuit against the property owner.
People who own multiple rental properties sometimes form a series of LLCs to insulate each piece of property from liability claims involving other properties.
Here are eight steps on how to transfer property title to an LLC:
1. Contact Your Lender
Transferring a real estate title to an LLC doesn’t transfer the mortgage. You personally are still obligated to make the mortgage payments on time. In addition, many mortgages have a “due on sale” clause, which means that if you transfer ownership of the property, the lender could require you to pay the full mortgage amount.
Your lender may be willing to allow you to transfer property title to an LLC that you own, as long as you remain fully obligated on the mortgage. Your lender could also require you to refinance the mortgage with the LLC as a borrower. Unless your LLC has an established income and credit history, you will also have to sign a personal guarantee that you will pay the mortgage if the LLC cannot. Finally, the lender could enforce the due on sale clause, requiring you to pay off the mortgage and seek new financing. You should understand your lender’s requirements before you try to transfer the title.
2. Form an LLC
You form an LLC by filing articles of organization with the agency that takes care of business filings in your state. You can form an LLC online or in person.
3. Obtain a Tax ID Number and Open an LLC Bank Account
If your new LLC has more than one owner, has employees, or meets certain other requirements, you must obtain a Federal Tax ID Number (also called an EIN or Employer Identification Number). You can do this yourself by filling out a form on the Internal Revenue Service website. Even if it’s not required, you may need a tax ID to open an LLC bank account.
Once you have a tax ID number, you can go to a bank and open an account in the LLC’s name. A separate bank account helps keep your LLC money separate from your personal finances. If you don’t maintain this financial separation, you risk losing the liability protection that your LLC provides.
4. Obtain a Form for a Deed
You can find a deed form at your county recorder’s office or on the Internet, or you can have an attorney prepare a deed for you. Deed requirements vary somewhat from state to state, so be sure you are using a deed form that is specific to your state.
There are two kinds of deeds: warranty deeds and quitclaim deeds. When you purchased your property, you most likely received a warranty deed that included a guarantee that the title was good and free of any claims or interests by third parties. A warranty deed passes that guarantee on to your LLC.
If you transfer title through a quitclaim deed, you are simply saying that you are passing any interest you might have in the property to your LLC. The quitclaim deed doesn’t guarantee that the title is good, or even that you own the property.
Because of the protection they provide, warranty deeds are typically used to transfer property between unrelated parties. Experts disagree on whether you should use a quitclaim or a warranty deed to transfer a real estate title to your LLC. Many people use quitclaim deeds, but some prefer to use a warranty deed because it gives the LLC some remedy if there is a title problem and it preserves the chain of title to the property.
5. Fill out the Warranty or Quitclaim Deed Form
You are the grantor and the LLC is the grantee. Make sure you specify your name as it is written on your current deed, and use the full legal name of your LLC. You may be asked to specify the purchase price, or “consideration” paid for the property. If there’s no money being exchanged, you should consult your county recorder or state laws to find out the minimum consideration required for the deed to be valid.
6. Sign the Deed to Transfer Property to the LLC
As grantor, you will need to sign the deed, and your state may require that you sign in front of witnesses or a notary. Some states also require a grantee to sign, so someone will need to sign on behalf of your LLC.
7. Record the Deed
Recording the deed creates a public record of the property transfer. You record a deed by submitting it to the registrar or other agency that handles real estate records in your county or city.
8. Change Your Lease
If you’ve transferred property that you rent out to others, you should amend any leases to reflect that the landlord is now the LLC, not you personally. Rent should be paid to the LLC and deposited into a separate LLC bank account. Observing these formalities will reduce the likelihood that you could be held personally liable if something goes wrong.
Transferring property to an LLC is a simple way to reduce your personal liability for claims relating to the property. But a property title transfer should be only part of your strategy. It’s also important to contact an insurance agent and obtain adequate liability insurance to cover any claims that might arise.
LegalZoom can help you start an LLC quickly and easily. Get started by answering a few simple questions. We’ll assemble your documents and file them directly with the Secretary of State. You’ll receive your completed LLC package by mail.
What is the quickest and easiest way to transfer complete ownership of a house to a person’s spouse?
The only way to transfer complete ownership of a house to anyone is by deed, the most common of which are the general warranty deed, the special warranty deed and the quitclaim deed. The primary difference between each type of deed is the number and scope of warranties it makes as to title, with the general warranty deed making the broadest warranties and the quitclaim deed making none. All transfer property with the same speed and ease. Quitclaim deeds are commonly used to transfer real property between spouses or to add a spouse to the title because the spouse who previously owned the property probably already has some sort of warranty deed, so further warranties don’t need to be made to new spouse.
Transfer by deed is not effective until a valid deed has been delivered and accepted. These are legal terms of art meaning you must give the deed to your spouse with the intent to transfer it immediately and your spouse must accept the transfer. Though not necessary for delivery and acceptance, generally, both of these requirements are met by recording the deed in the county wherein the real estate is located. For instance, if you hand the deed to your spouse, saying, “I want you to own this piece of property,” and your spouse accepts the deed, saying, “I accept this deed and title to this property,” delivery and acceptance have been made and the transfer is complete, even if your spouse then shoves the deed into a shoebox under the bed. Usually, however, people don’t do things this way, so recordation is a short-hand way of saying delivery and acceptance actually happened. If an unrecorded deed is challenged in court, you may have to prove delivery and acceptance. A recorded deed is presumed delivered and accepted.
As you probably already know, when you record a deed, it becomes part of the
public record. Once there it puts everyone in the world on constructive notice as to the details of the property transfer: what property was transferred; to whom; and for how much. It can take some time for your deed to show up in county real estate records, but that is not too important. The transfer will be considered complete from the day the recorder’s office received the deed.
It is easy enough to transfer your house to your spouse, but be careful of the circumstances in which you do so. If you are transferring the real property to your spouse in avoidance of known, actual creditors, you have effected what is known as a fraudulent transfer and it can be undone. For instance, if you are being sued in a personal injury lawsuit and you transfer title to your house to your spouse, a court can undo that transfer and allow the plaintiffs to collect judgment from your home. On the other hand, if you are in a profession where you often face personal liability for your professional actions and you decide to transfer the title your spouse just in case you get sued, that is a valid transfer. Doctors commonly do this. Contact your local real estate attorney for help with situations such as these.
Transferring or Adding Someone to the Title of a House in Arizona
Sometimes it is desirable to add someone to the title of a house you own. Arizona offers two ways to accomplish this: a quit claim deed or a warranty deed. This article covers the difference between the two types of deeds and the process for filing them.
AZ Statewide Paralegal offers professional legal document preparation services. We have decades of experience preparing and filing deeds and other legal documents in Arizona. Contact our office today so that we can walk you through the legal document preparation services we offer.
Deeds: Evidence of Ownership
A deed is a written document that provides evidence of ownership of a property (also called “legal interest in a property”) and also is used to transfer property ownership from one person or entity to another person or entity.
Quit Claim Deeds
A quit claim deed transfers your property interest to another person or legal entity. When you sign a quit claim deed, you do not make any guarantees or promises about whether someone else also has a legal interest in the property. You are merely signing over your legal interest, if any, in the property. You are the grantor (giving the interest) and the person who receives your interest is the grantee. Quit claim deeds are sometimes mistakenly called “quick” claim deeds.
When you use a warranty deed, you are guaranteeing that no one else has any legal interest or right to the property. You are providing a promise, or warranty, that the property is free and clear. As with a quit claim deed, ownership of a property is transferred from one person to another. But by signing a warranty deed the grantor guarantees that there are no liens against the property.
The deed to your property specifies the type of ownership you have. For example, you may have sole ownership of the property, joint tenancy with the right of survivorship, tenancy in common, community property, community property with the right of survivorship, or a beneficiary deed. For informational purposes, here are the definitions of these types of ownership:
• Sole ownership means you are the only owner of the property.
• Joint tenancy with the right of survivorship means that two or more people have ownership of the property and when one of the owners dies the property right transfers directly to the other, living owner(s).
• Tenancy in common means that two or more individuals own property but each owner has a separate interest, with no right of survivorship.
• Community property is available only to married couples. It means that each individual owns an undivided half interest in the property.
• Community property with the right of survivorship is also only available to married couples. It means that when one spouse dies, the other spouse is entitled to both halves of the property.
• Beneficiary deed means that the owner has recorded a deed that conveys the property when he or she dies to whomever is named as the beneficiary in the deed.
Quit Claim Deeds vs. Warranty Deeds
Quit claim deeds are most often used to transfer property rights between family members. For example, a quit claim deed might be used in a divorce where one spouse receives the family home as part of the divorce property settlement. Parents might use a quit claim deed when transferring property to their children. When getting remarried, one spouse might use a quit claim deed to add the new spouse to the property title. Quit claim deeds are also used when setting up a living trust.
Warranty deeds are most often used in a sale of a home between two unrelated parties. They are one of the most commonly used deeds. A warranty deed is preferred by most title companies over a quit claim deed, especially when refinancing a loan.
Once you have decided which type of deed you want to use to transfer ownership to property, you’ll need to gather some information to get started on the process with AZ Statewide Paralegal. We will need to get all of your information, including how to contact you. If you have a copy of the most recently recorded deed, that is helpful as we need to provide the proper legal description of the property. If the property is in Pima County, we can help you locate the most recently recorded deed, if it was recorded after 1986. If you use the legal description from your property tax statement, it may not be complete and it is possible that your quit claim or warranty deed will be rejected by the assessor.
Arizona law has certain requirements for quit claim and warranty deeds. You need to include the grantor’s name. (The grantor, remember, is the person or persons who owns the property.) You will also need to include the grantee’s name. You can choose more than one person or legal entity as your grantee.
You will also need to choose how the grantees will hold title to the property. You can choose as sole and separate property, joint tenancy with the right of survivorship, tenants in common, or community property with right of survivorship (as long as the grantees are a married couple).
When using the warranty deed or quit claim deed you also need to specify the exemption you are using that will allow you to file a deed when no money has changed hands. According to the Arizona Revised Statues (ARS) 11-1133, the county recorder shall refuse to record any deed and any contract relating to the sale of real property if a complete affidavit of legal value is not appended unless the instrument bears a notation indicating an exemption. The most common exemptions are husband and wife (ARS 11-1134-B3), parent and child (ARS 11-1134-B3), pursuant to a court order (ARS 11-1134-A5), a gift (ARS 11-1134-A7), or person and trustee/trustee to beneficiary (ARS 11-1134-B8). In all, Arizona law has over 14 exemptions listed that do not require you to complete an affidavit of legal value when filing your warranty or quit claim deed.
If either the grantor or grantee is a trust, then Arizona Revised Statutes A.R.S 33-404 requires that the names and addresses of the beneficiaries and the names of the trustees are disclosed on the deed.
AZ Statewide Paralegal offers the convenience of submitting all of this information online. We use a secure online system that allows you to complete all the steps necessary for us to prepare your quit claim or warranty deed. Once we have received all of your information, we will prepare the deed for your signature. Because you must sign as the grantor in front of a notary, we offer in-office signing in Tucson, Phoenix, and Mesa. We then file the deed with the proper county recorder’s office. We have experience in all counties in Arizona, and we will ensure the correct process is followed.
You can also contact our office directly for an in-person appointment or consultation. We are certified by the Arizona Supreme Court for legal document preparation. Beyond just preparing your documents, we also provide complete case management for your legal document preparation. We go a step further to ensure that your experience with us and, most importantly, your experience with your legal matter exceed your expectations.
Is a Quitclaim Deed Valid Without Consideration?
Owning real estate can be an empowering and exciting thing. Whether the property is used as a primary residence or a real estate investment, it is likely to increase in value over time. If you are ready to part with real estate you own, transfer it into someone else’s name. Of course, the same process also applies if you need to transfer real estate from someone else’s name into your own. The process of transferring the legal title to real estate property from one person to another is referred to as conveyancing.
TL;DR (Too Long; Didn’t Read)
The transfer of home ownership can be as easy as adding or removing a name from the deed. No matter what kind of deed you choose, the process of transferring the property is similar.
Consider a Quitclaim Deed
The cost to transfer a deed to another person can be minimal. In fact, except for attorney fees for the transfer of property that may include a deed preparation fee, you can transfer real estate property to someone else with no money changing hands. That can be lovely for parents who want to give the property to an adult child, and it also works in a variety of other situations where the property is being gifted to someone.
A quitclaim deed may be the way to go when you want to transfer property without exchanging money. It’s easy to complete a transfer that way and not as risky when all parties trust one another. With a quitclaim deed, it’s possible to transfer the property fully from one party to another, and someone can remove themselves from ownership entirely. It’s also possible to simply add an additional name to the title while keeping other names on the title, thus subdividing the property.
It’s rarely wise to accept a quitclaim deed from a stranger. A title search isn’t required, so outstanding liens on a property may be missed. That can lead to trouble if you accept a quitclaim deed from someone who is not trustworthy. The grantee is entitled to only whatever interest the owner has when the property is sold. Past court cases around the country reveal that many aspiring homebuyers unknowingly used quitclaim deeds to attain property that had liens against it or otherwise had unpaid tax bills attached to it. Before accepting a quitclaim deed, do your due diligence to ensure that it hasn’t been used as collateral on unpaid debt and that all taxes on the property are currently paid in full.
Once the quitclaim deed is signed, notarized and filed, it cannot be canceled. If you want the property back after transferring it to someone in this way, the grantee would have to file another quitclaim deed to transfer the real estate back to you. There is no way to make them do this, so be sure that you want to fully and completely transfer your rights in the property to the person before doing so.
Tax Considerations for Quitclaim Deeds
Keep in mind that the IRS will view a real estate transfer for no profit as a gift, so the person who is transferring the property will be responsible for taxes on it. The giver will need to fill out Tax Form 709, but the giver can apply the property’s value to the millions that he’s allowed to give away under the rules of the estate tax. So, unless the giver plans to transfer millions of dollars’ worth of real estate, they probably won’t need to worry about being immediately penalized on their taxes when they transfer ownership of a house to someone.
However, consult an attorney to make sure that you are making the right choice for your long-term financial future. A capital gains tax can be costly and may be applied when the property is later sold depending on how it was attained. If the property is given through a quitclaim deed and has increased greatly in value, the capital gains tax could be very costly.
Consider a Warranty Deed
A warranty deed is sometimes referred to as a full warranty deed or a grant deed. It is used to transfer real estate property to another person in exchange for a specified payment. For a buyer who doesn’t know the seller, a warranty deed is typically the safest way to transfer ownership of a house. It protects the buyer from a seller who may have hidden existing problems with a title. With a general warranty deed, the seller is held liable for legitimate claims against the title while they have the title to the property and possibly even after their interest has been transferred.
A warranty deed isn’t only for grantors who want to receive a profit on the property. You can also use the warranty deed to transfer property as a gift, but you typically will place a small amount like $10 as the consideration for the transfer.
Tax Considerations for Warranty Deeds
All taxes must be cleared on a property before a warranty deed is filed. Once the ownership has been transferred from the grantor to the grantee, the grantee then becomes responsible for paying the property taxes. Also, taxes are imposed on deed transfers in many states, and the documentary transfer taxes must be paid.
Complete the Transfer of Home Ownership
Every state has its own specific deed forms, so be sure you are choosing the right one in your state of residence that will meet all your transfer needs. No matter what kind of deed you choose, the process of transferring the property is similar. Before you intend to transfer the real estate to someone else, confirm its specific address and parcel number. Also, the legal description of the property is needed. In addition to your own name and address, you will need the grantee’s full name and address. Know the county where you both live and decide on the county and state where you will sign the deed to transfer the real estate property.
Specify the name of the party who will receive the recorded deed. Also, if money is being exchanged, state the exact amount. Otherwise, be clear that no money is being exchanged for the transfer of real estate. Be specific about whether you’ll reserve any interest in the mineral rights of the property. That includes gas and oil rights.
The grantor is the current owner of the property and the grantee is the new recipient. It’s possible for a person to be both the grantor and the grantee on a quitclaim deed or a warranty deed. For example, if someone wants to transfer a part of their interest in a family home to a sibling, they will be grantor but also remain the grantee because they are keeping a part of their interest in the property.
To finalize the real estate transfer, make sure any kind of deed is legally binding by signing it before a notary public who will be a witness and notarize it by placing their signature and stamp on the document. Be prepared to give the notary a print of your thumb for their records. Then, after notarization, the completed and signed deed needs to be filed with your city or county. You may pay fees to have the deed registered. Other taxes that may be due on the property should be paid before the filing. From there, most counties work quickly and will likely have established the new owner of the property before the end of the day when the deed is filed.