Hiring a Florida Real Estate Attorney for Deed Transfer(s)
A deed is a legal document that is vital for defining property ownership. A new deed is generated every time a home or commercial property is sold, or when parties are added or subtracted from ownership. Whose name(s) is on the deed and the type of wording used determines not only who owns the property but what happens to it should one of the owners pass away. In addition to the names of the old owner (known as the grantor) and new owner (the grantee), a deed must have the exact legal description of the property and be signed by all parties.
Different Types of Deeds
There are various types of deeds used to convey property from one person or legal entity to another. The most commonly used deed for most real estate transactions is the warranty deed, which means the seller is promising they own the property and have the right to sell it. A quitclaim deed, by contrast, conveys the property without any warranties or promises from the grantor; it can be useful in certain circumstances, such as when transferring property during a probate from the beneficiary of an estate. A special warranty deed warrants the property solely during the time the grantor owned it. There are also a number of special purpose deeds, such as an personal representative’s deed (used to transfer property after a death), a tax deed (when the government takes property for lack of paying taxes) and the like.
Reasons for Transferring a Deed
In addition to a deed that is issued when a property is sold, deeds can also be transferred for a variety of other reasons. A deed transfer is used if the owner wants to add someone to the title of their home–usually their adult child, new spouse, or other relative. Or a deed to property used by a business might need to have a new partner added. Transfers may also be used to remove the names of owners, including someone who has died.
Getting the Right Advice
If you are considering the transfer of a deed, it is important that you have an experienced, qualified real estate attorney draft the new deed. Deeds that are transferred incorrectly could be voided by a court, or they can stall or prevent a real estate closing. In addition, the type of deed needs to be carefully chosen based on the needs of each party, so if the parties divorce or one party dies, their share of the property goes to the person or persons they intend. Deciding to add someone to a deed must be done with care: if the person being added to the deed has a lien against them, for example, it attaches to the new property as well. Tax and mortgage implications must also be considered when transferring property.
If you have questions about your deed transfer or need other real estate legal assistance in South Florida, contact us at the law office of Gary Landau for a free consultation. Attorney Gary Landau personally returns all calls to him.