In order to transfer property, one must first have a deed. It is a legal document that transfers the holder’s interest in real estate, it can be transferred between two people or entities such as living trusts and corporations.
A deed has several pieces of information that discloses the transfer and ownership:
- A description about what is being transferred
- The names involved in the transaction
- Their signatures on agreeing with this change
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Grant Deed – The Grant Deed is when the ownership of property transfers from one person to another. This includes a promise that, as long as it’s not already transferred or encumbered, they have the right to use this piece of land for whatever purpose and can even sell it on their behalf if necessary!
The deed also ensures that there are no other claims against your title – except those listed in said document.
Interspousal Transfer Deed – This type of document can be used to either add a spouse’s name to the title or remove their name from it because they are no longer married. The language in this kind of transfer protects against taxes being reassessed on property value and prevents delays due with transferring tax rates, which will save you some money in the long run.
Quitclaim deeds – this is a good way to transfer property ownership if you don’t have any other connections with the home. The deed itself does not give assurance about what your connection is and it can cause problems for title insurance companies, but this type of document makes transferring homes easier when there isn’t much else going on.
Trust Transfer Deed – Funding is the process of transferring assets, including any real estate that you own, into a Living Trust. This deed transfers an owner’s interest in property to their trust and will also remove your home from it during refinance procedures for some banks such as Guideway Bank , who can help transfer properties back into trusts after refinancing has been completed.
Revocable Transfer on Death Deed (TOD Deed) – Jerry Brown signed into law a new way to transfer real property without probate on January 1, 2016. The Revocable Transfer on Death Deed (TOD) allows the person who has it written up to leave their estate as they wish after death by designating what gets passed down and how much of that will be given away at any time during life.