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What you need to know about transferring a deed

Transferring property can often be a complicated undertaking. In most circumstances, you will need an attorney to help you legally transfer a title. Your lawyer will have to examine the transaction and determine what documents must be drafted and filed, what the new owners will be responsible for upon transfer and how the transfer will occur.

If you are considering transferring property, you should first consult with an attorney experienced with real estate laws in New York. Take the necessary steps to ensure that your transfer is completed without any unforeseen complications. Read further for general information on transferring property.

Two common deeds

In general, a deed is a document that proves a real estate transaction. The document lists the buyer, seller and the legal description of the property involved in the transaction. The seller of the property must sign the deed and have it notarized before the transfer is complete.

Warranty deeds and quitclaim deeds are the two most common forms in real estate. The warranty deed will transfer ownership and provides a guarantee that the title is free and clear of debts and liens. A quitclaim deed also acts as proof of transfer; however, it does not provide any guarantees about the seller's ownership or whether or not the title is clear.

Tenancy and title

When purchasing property with another party, you will have to decide how to take the title. In other words, the attorney will ask if you want to be joint tenants or tenants in common. While this decision has almost no bearing on your rights as co-owners, it does carry considerable weight if one of the owners dies.

If you and your brother decide to purchase property as joint tenants and he passes away before you do, his share of the real estate will go directly to you. Even if his will leaves his share to another person, the real estate contract takes precedence. In a tenancy in common situation, each owner has the right to pass his or her respective shares to an heir or beneficiary named in the will.

Filing with the county

Once all the paperwork has been completed, you must take a final step to finish the transfer. You must register the transfer with the county office that presides over the jurisdiction where the property is located. Recording the transfer with the county office protects the new owner's interests in the real estate transferred.

If you are thinking of transferring property, it is important to receive guidance on the procedures to make the transaction legal.

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