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How Real Estate Lawyers Transfer your PropertyOctober 20, 2019 0 Comment Category: Real Estate
There are many ways in which a real estate lawyer can transfer your property to the buyer. This is referred to as conveyancing, which is “the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien.”
A real estate lawyer would consider the requirements of both the buyer and the seller and record that in a deed or any other official document. As soon as the transfer of ownership of the property has been fixed, the lawyer would figure out the best options for signing the legal document. An experienced real estate lawyer would also see how the new titles are going to be held and what interests of both the parties might be conveyed in the property. Even though some of the real estate transactions can be done without needing the clients to be present there physically, a few meetings might be scheduled to discuss the property value and to sign the documents.
Signing the deed is the most common way of transferring the ownership of your property to the buyer. Here, the legal document would include the name and address of both the buyer and the seller, details of the property being transferred as well as other important information relevant to the transaction. The deed is signed by the previous owner of the property and is then notarized by an authorized notary.
Generally, there are two forms of the deed. The most common one is the warranty deed, which is used to transfer the ownership of the property as well as detail in clear terms that the seller has the title deed of the property in good standing. This offers a guarantee to the buyer that the transaction is genuine and that the property would not face any negative effect after the purchase.
The other common type of deed used in real estate transactions is the quitclaim deed. This document is used to transfer the ownership of interest that the seller has in the property. There is no guarantee provided here as that seen in the warranty deed, and it does not state whether the title deed is in good standing either. This type of deed might or might not include transferring of the title, which is usually seen when the owner of the property has some problems with the title in the original legal document. A quitclaim deed is mostly opted by the seller when they are transferring the property to their loved ones.
Joint Tenancy and Tenancy in Common
When two buyers are involved in a real estate transaction then the form of title can be either joint tenancy or tenancy in common. The real estate lawyer would communicate with both the buyers to understand how they are planning to own the property and record that in the legal document. Although the document would not affect the rights and duties of the co-owners during their tenure, it would be a bit different for joint tenancy and tenancy in common in case one of the co-owners dies.
In joint tenancy, the ownership of the property would be transferred automatically to the surviving owner. This would transpire over a will if the deceased person had made one. In fact, the right of survivorship would prevail even if the deceased person tried to transfer the title of the property to someone else other than the co-owner. Tenancy in common, on the other hand, means that the ownership of the property is shared by two or more persons and there is no right of survivorship involved. This type of agreement allows the owners to transfer the property to their heirs after their death.
Normally, joint tenancy is opted by married couples, so that a will would not be needed to transfer the ownership of the property after the demise of one of them. In some states, a similar tenancy option exists where two individuals can have the title of ownership of a single property, but it would apply only when they are husband and wife.
Real estate lawyers make sure to record the deed before finalizing the terms of the transaction. This would usually include any mortgages, county or state conditions relevant to the property, and any other similar matters. Until the deed is recorded in the local registry or at a recorder’s office, the interests of the property owner are not deemed to be protected completely. That is because it can affect any claims on the property later that might result due to any unnoticed complication.
Note that most of these documents are very sensitive and are required to be filed in a specific manner. That is why you should always hire an experienced real estate lawyer to make sure that all the documentations are done properly and processed correctly. This would help you to stay out of unwanted troubles due to any mistakes made while completing the documents.