People choose to transfer ownership of property for a variety of reasons. Transferring property to another individual or spouse can legally be done through a deed only. Three common deeds used to transfer property are the general warranty deed, the speciality deed and the quitclaim deed. These deeds are mostly differentiated according to how many warrantees they provide for. Deeds must be drawn up by an estate or property lawyer, and accordingly it is important to consult the proper attorney to correctly manufacture this document and make sure any provisions or desires of the person transferring the deed will be passed on to the recipient.
Meet with a lawyer to state your desire to have the deed drawn up and to consult with her about what specifics or desires you want included in the transfer of the property. A lawyer will also know the proper loopholes and ways to reduce the amount of taxes that must be paid on the property during its transfer.
Talk in depth with the person you wish to transfer the property to. Make sure he is willing to accept the property and its responsibilities, and that he is aware of all your wishes for the property that you are going to include in the deed (for example, not to cut down your favourite tree).
Have a lawyer draw up the necessary deed and paperwork. Place your signature on the necessary parts of the deed.
Deliver the deed to the recipient and ensure that he accepts and signs it. This will validate the transfer by deed and legally complete the process of transferring the property. Once this deed is recorded, it becomes part of the public record, and the information concerning the property transfer is accessible to anyone.
Make sure you want to transfer your property before going through with the process. Transferring property by deed is legally binding and very difficult to get reversed.
Tips and warnings
- Make sure you want to transfer your property before going through with the process. Transferring property by deed is legally binding and very difficult to get reversed.