You will eventually need to transfer a real estate title if you own property. The title to real property is the legal recognition of ownership. When you transfer the title from one party to another, you transfer the ownership rights.
As much as title transfer is a fundamental part of owning real estate, many people do not understand the process. They might not know about the documents they need or the steps they must take to make it official.
This post will cover the basic steps for transferring a real estate title.
The first step is to identify the parties to the title transfer. A title transfer will have a grantor and a grantee. The grantor is the person or entity with current rights to the property. The grantee is the person or entity receiving rights to the property. In many cases, you are talking about buyers and sellers. You may also have more than one grantor or grantee.
Deeds are the legal documents that convey property ownership from one owner to another. Many people do not realize that there are different types of deeds. Most title transfers will use a general warranty deed. However, there are other kinds of deeds that may come with different legal responsibilities or obligations.
The next step is drafting the deed. Any person can write a deed as long as it has the necessary information. This information will include the names of the grantor and grantee. You will also need addresses for the parties and a description of the property. While it is something you can do yourself, hiring an attorney or title company is a good idea. Professional document preparation can provide legal protection and ensure the deed is correct.
Once all parties agree to the contents of the deed, you can move on to signing. The parties will need to arrange for a notary to witness and certify the signing. Under some circumstances, additional witnesses may also be necessary.
The final step is filing the deed with the county records office. Along with recording the deed, you will need to pay any fees or taxes due on the transfer. Once this process is complete, the new owner will officially hold the title to the property.
Transferring a title can be complicated, and you don’t want to make any mistakes. The Title Group of Tennessee offers a broad array of title services. From title examination to deed preparation and more, we have you covered.
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