Transfer of Title Between Two Parties

If you are looking to get a new home or you simply want to let go of a piece of land and transfer it into the ownership of another person, it is very important to know how the transfer of title deeds between two parties happens. You should also be aware of conveyancing fees.

In most cases, to transfer a title deed from one individual to another, the title deed ought to be one that codifies the transfer. However, if the title is being transferred from a deceased individual to a living person, the transfer can happen either through the decent principal or by the provision of the last will and testament. Simply stated; any ownership transfer between two living individuals requires the presence of a title deed.

TYPES OF TITLES

Special Warranty

This is a title deed that gives the seller of the given property the right to dispose of the property through sale whenever they wish to do so. It also shows that there is no issue with the property at the time of sale. This title, however, says nothing about the prior state of the title and therefore does not assure you of no future problems.

ghhd674

General warranty

This is a title that gives the seller rights to dispose of property, and it assures you that nothing might come up that will threaten the sale of the property. This is the safest way to transfer ownership as it also gives you information dating back to the original owner of the property.

Quitclaim Titles

Unlike the special and general warranty, this type of title deed does not require a lawyer to be present for the transfer to happen. All that is needed is notary blessing. However, this type of transfer is risky because it does not guarantee the quality of the title or whether or not you will have future problems relating to the transfer. It is, however, a legally bounding document.

HOW TITLE TRANSFER HAPPENS

In the case of special and general warranties, a lawyer and the two parties need to be present. The two parties make the transfers, and the lawyer oversees that everything is done right. The parties must sign where necessary. In Quitclaims situations only a notary is needed to see the transfer through. In case there is a change of name that is required to be made from the original document, the following need to be filled.

  • An affidavit that is legally binding
  • Article of Incorporation
  • Abstract of Trust
Conclusion

ghgds64In conclusion, a title transfer is something that is occasionally done. However, if you do not have a lot of information about it, it is important to do your research to understand what the legal implications might be. This will save you legal disputes that might portray the wrong message about your property.