General Transfer of Property: Grant and Warranty Deeds
The most common and reliable way to transfer title of property to someone is through a deed. There are a variety of different deeds, however, when buying or selling you'll typically want a Warranty Deed or Grant Deed. Warranty Deeds guarantee good title to the property at the liability of the grantor; however, they are not commonly used in all states. Grant Deeds simply guarantee that the property hasn't already been conveyed and is free of undisclosed encumbrances (such as liens or easements). No matter which avenue you choose, transferring the property is done by filing the new deed along with the applicable paperwork at a local recorder's office after it has been signed in the presence of a notary.
A Quitclaim Deed is likely the simplest way to convey your interest in real property to another owner. A Quitclaim Deed conveys your interest in the property without any guarantee of title as would be found in Warranty or Grant Deeds. Because of this, Quitclaim Deeds are more commonly used for transferring real estate to family members, into Wills or Trusts, or to personal businesses. The process for filing a Quitclaim Deed is the same as a standard deed but with slightly less paperwork, since you are not guaranteeing the Title.
Important Details for Deeds
Because deeds are important documents, accuracy is crucial. Any omission or misspelling can lead to problems down the road. Most importantly, however, deeds need to be recorded. There are many reasons people hold off on recording a deed; however, it is likely in your best interest to record a deed as soon as you can to avoid any potential issues. If you have unique needs, you should consider consulting a licensed attorney as there are many more ways to convey real estate and assign interest.
Have questions about deeds? We make it easy to ask a lawyer.
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.