Transfer Of Real Property
Real property grants title to a person who can exercise various rights on such property. Such rights include proprietary rights, possessory rights, right to sale, etc. Transferring real property means giving these absolute beneficiary rights to some other person. A titleholder can transfer the real property voluntarily or involuntarily.
Voluntary transfers can be made through sale, gift, or dedication of the property. In case of a sale, the property title gets transferred with an exchange called consideration. Consideration is the value of that property. When such value is not paid for the property, then property transfer is called a gift. When a property owner transfers the property or any part of it voluntarily to the government, it is called the dedication of property. All these methods of property transfer are voluntary.
Sometimes property gets transferred without the consent of the owner. Such transfer is called involuntary transfer of property. Involuntary transfer occurs while paying for a particular debt or through a partition. In case of death, property gets transferred either through a will or without it. Sometimes government exercises its eminent domain power to take away the property for any required purpose.
Real Property Deeds
A deed is a legal document required for the transfer of property. It is a record from the ownership. There are different types of deeds. Based on warranties, provided deeds vary from case to case. In the case of a property deed, it is proof that a valid transfer has taken place. To show the ownership of a property, the name must be placed in its title, along with the title a deed grants other rights. The type of deed varies according to title and the way of transfer of the property. The deed contains specific information. Most specifically, the name of the parties and signature are mentioned in a deed.
In the case of real property, a general warranty deed is the most commonly used deed. Such a deed occurs in the case of real estate properties. When the property is marketable, and the owner understands the sale benefits, this deed is used. Through this deed, the seller makes guarantees/promises to the buyer. Such promises are meant to protect the buyer from any prior claims or demand, such as encumbrances or debt on the said property.
In the case of a special warranty deed, the seller assures the buyer that he has rightfully received the property’s title and there is no defect in such transfer.
Requirement of Deed
The USA considers good title on the property as a concerned subject. To transfer property, valid ownership must be held by the transferor. Usually, public records were maintained in the respective area where property gets transferred. If such a record is missing, there occurs a gap in the title of the new owner. That means either the transfer was invalid, or the transferor was not the right-full owner of such property. A valid transfer ensures the insurance for future assistance. In case of encumbrances or prior debts on the property will not come as an obstacle if there is legal transfer with all clearance made by the transferor.
A deed is a short form of a document that includes names of parties, signature, property details as most primary information.
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