Disclaimer – Warranty and Survival Deed: How to Create and Present a Deed (in Plain Language!)

The question of properly transferring ownership can be vital, as real estate is often a person’s largest and most valuable asset. If you need to transfer ownership of real property from one person to another, you will need to use a deed to do so, but which one. That answer depends on what the reason for the transfer is, what the transfer is intended to do, and who will have title to the property after the transfer.

Basically, a deed acts as the document that shows the transfer of a property from one person or party to another. Upon closing of a real estate transaction, the property buyer will offer the purchase price to the seller, who will then deliver a deed to the buyer, who will then file the deed at the registrar’s office or real estate office in the county where the property is located. In other cases where there is no true “sale,” but title to the property is transferred from one person to another without significant payment (for example, a mother or father transfers ownership to a child or other relative), a deed is also used to transfer the title. and the deed is filed in the corresponding registrar’s office. In either case, a fee will generally be required for filing the deed and transferring ownership.

In writing, sellers must provide the legal description of the property; this description (which is NOT the address) legally identifies the property. It is CRUCIAL that this information is accurately stated in Scripture. The seller / grantor (that is, the person transferring title) must sign the deed in the presence of two witnesses. Witnesses must sign and print their names. The buyer or transferee does not have to sign the Deed. The seller must also have the notarial deed, which means it must be signed in the presence of a notary or the seller must testify before the notary that his true and exact signature appears on the deed.

TYPES OF FACTS:

Written guarantee

A security deed, by definition, is a deed that conveys the title to the property whereby the seller offers some assurance that the title will be good and unencumbered, except as stated in the deed, and agrees to defend and protect the buyer against any loss that may arise. in the future for any defect in the title at the time of transmission.

The security deed is the most common type of deed used to transfer property from one individual or business to another. Security deeds generally require a title search to be conducted to ensure that the property is free and free from ties or encumbrances. Any lien or lien discovered would effectively “cloud” the property’s title and make collateral risky or impossible.

This deed can be used to transfer property from a seller to a buyer in a variety of situations, most commonly when a person or couple purchases a home from an owner and needs to transfer title; or when a family member wishes to name another person as the co-owner of a house or parcel of property that he or she currently owns.

Resignation deed

This type of Deed does not contain “guarantees” that the property will be transferred with a good title or without encumbrances, except those that are registered in the file, nor is it created any joint tenure or right of survival. This Deed tells the person who accepts the title of the property that he will take the rights or interests that the seller or grantor has in the property, nothing more and nothing less. Often in true arm’s length real estate sales, a buyer must insist on a deed of guarantee rather than a deed of waiver, as the buyer would want the collateral protections offered through that type. of writing.

This deed of resignation can be used to transfer ownership from a seller to a buyer in a variety of situations. For example, when a spouse or relative wishes to transfer property to another relative spouse, or to name another person as the co-owner of a house or parcel of property that he or she currently owns, a deed of resignation may be used. . Also, when property is transferred from a person to their trust, a deed of resignation is often used. Also, this type of deed is often used to transfer assets of divorcing spouses.

Survival deeds

This deed is a security deed with “survival” rights created. This deed creates a joint tenancy (sometimes called a surviving tenure) between two or more concessionaires (again, the people who take title to the property), with each of the concessionaires typically owning an undivided interest in the entire property. . Upon the death of one of the beneficiaries, their interest passes equally to the surviving joint tenants; To accomplish this, an affidavit is usually filed with the county deed records office to evidence the transfer. Since the property is transferred to the other grantee, the deceased grantee’s previous interest in the property is not a testamentary asset, but is included in the estate for state estate tax purposes. When the husband and wife have survivor title, the divorce ends the survivor’s tenure and creates a common tenancy between the former spouses, unless the divorce decree specifically provides otherwise.

This deed is most often used when a person or couple buys a home from one owner and each wants the characteristics of joint ownership and survivability, when a relative wants to name another person as a co-owner of a home or parcel of property than he or she she currently owns herself or a spouse to both spouses. Again, the dealers or buyers who take title to this property also do so “with survivorship,” meaning that if one buyer dies, the other retains title to the property.

CLICK HERE for more information on creating a deed without the expense of an attorney.

# # #