What is a Deed Transfer?
 |
The use of deed transfers is common in all quarters of the world. Essentially a generic term that encompasses all types of transferring a deed from one person or entity to another, the deed transfer is a means of ensuring that buying and selling property is kept within the standards set by the laws of the country where the transaction takes place. Here are some things to keep in mind about the process of deed transfers, as well as a couple of examples of deeds that may be transferred.
The transfer of a deed is intended to move the ownership of some sort of property from one entity to another. This may be from one person to another, from one business to another, or any combination of the two. A deed transfer allows the new owner to be able to claim full rights and responsibilities to the property in most cases. However, there are some examples of the deed transfer where the rights of the new owner may be limited or qualified in some manner.
For instance, the quitclaim deed is a common form of deed transfer. With deeds of this type, the grantor may or may not have clear title to the property. This may be due to a number of factors, among them a spouse acting on behalf of an individual who in fact is the current owner of record. In this scenario, signing the quitclaim deed would transfer the interest that the grantor may have in the property to the spouse, allowing for the orderly sale of the property.
A warranty deed also implies some conditions, based on the general state of the property and any buildings may be on the property. As an example, a warranty deed may include some sort of responsibility for replacing a central heating and cooling unit, should it fail during the first year or so after the sale. In other instances, the warranty deed may specifically free the previous owner from any responsibility for repairing any breakdowns of or on the property once the new deed is properly executed and filed.
Both national and local laws govern the orderly transfer of deed information from one seller to a buyer. Before choosing to engage in any deed transfer, it is a good idea to get to know what type of deed is under consideration, and the laws that control when and how that sort of deed may be issued. Paying attention during the process of deed transfer can help prevent making costly mistakes that may take years to resolve.
|
Related wiseGEEK articles
Category
|
New: Discuss this ArticlePosted by: rlee
My wife and I recently signed loan papers and deed transfers within our family for a buyout and refinance.(Mass)
The fiduciary deed is not correct. There are wrong addresses and right of way language that we wanted removed but was not. How can we correct this? Posted by: mdt
I'm not sure if that 20% rule is a guideline or pertains to laws that may be in place in some counties in Florida but not applicable across the state. This is probably not a big concern, other than making sure you market the property as being only for persons over 55, assuming you do end up assuming full ownership of the property again. And I bet the condo association would be more than willing to be on the lookout for potential buyers that would fit into the community rules and regulations. After all, it is in their best interests to not have empty property standing.
Posted by: leesofl
Dear MDT, Thanks for answering. The condo didn't have a problem with the apartment transferring to me alone after my mom's death. I do remember them saying that I wouldn't be allowed to live there because of my age. They also strictly enforce the rule that "ALL residents must be over 55 y/o" something I thought was not permitted under Florida law. I thought that 20% of the residents could be younger than their 55 restriction.
Posted by: mdt
Leesofl, it would seem that there would be no problem with you reassuming full ownership in the event of a default. Did the condo association have any problem with the deed being in your name only after your mother passed away? I suspect they would want to work with you in any way they could. Just to be sure, check the bylaws and regulations that the condo association has in place.
Anon15404 - the matter you describe may be impacted by laws that are peculiar to your state. In order to settle this matter and bring some peace to the family, I would suggest contacting a lawyer pronto. Posted by: anon15404
My father had a will and each child was listed in the will with my brother as the executor. One sister who was listed in the will passed away. The will states that any descendants of someone who passed away will get their part of the sale of the estate. My sister passed away in 1998 and my father never had the will changed. He did have a transfer of deed drawn up in 1997 which had each of his children listed. My father passed away recently and my question is this. Does the transfer of deed over-ride the will? The transfer of deed does not state that descendants of deceased heirs will get their part. My other sister and brother are at odds over this and I would appreciate your input. Signed: Confused in Michigan
Posted by: leesofl
I am the sole owner of a condo in Ft Lauderdale FL. It was my mom's apartment and she passed away in Nov 07. I sold the apartment to my sister-in-law and did a full closing. I hold the mortgage on the property, and they pay me monthly.
It turns out they don't like living in south Florida, and are continuing to pay the monthly mortgage (to me) and the maintenance to the condo association. They are trying to sell the apartment, but in today's market that is going to be difficult. PROBLEM: If at some point they say "we can't afford to pay you anymore, and want to give back the apartment" can I just have the deed transferred back to me as owner? I was on the deed when my mother died and therefore the apartment became mine. However, this is an over 55 community, and I am only 47. A) Can the property revert back to me without having to do a full foreclosure? B) Generally would a condo association allow this type of transfer is the new owner is under 55 y/o? Posted by: mdt
Seek legal aid immediately. There are a lot of factors that cannot be addressed in this forum, many of them having to do with local laws that would have jurisdiction. If you cannot afford to hire an attorney, check on resources in your community that help provide legal aid - many attorneys in many places donate time each week to help people who cannot afford to pay for their services. Wishing you the best.
Posted by: thegoodone1
My sister co=signed loan for Dad's Condo. Dad died 3 years ago..he left condo in both our names.( will was made before condo was bought). She went in next day changed locks on condo, took car. registered and is driving. I put up no fight..let her have it..she probated it..I signed probate papers so she could straighten things out for her and her husband, knowing she had put her house up for it,
Well now she hates my guts!! She wants to put in quit claim . so she can screw me over..and says she is putting condo in my name. So I have to pay all back taxes and all. knowing I am getting help from state .. (Daughters daddy died 2 years ago) She wants me thrown out of program, and says I am in big trouble. Could you please explain what I am up against, and where I can turn for help?? the good one
Posted by: rjohnson
Laws vary by jurisdiction, but generally, transfers of real property (i.e., land) must be in writing. To enforce a transfer of property, you must have a writing signed by the party you want to enforce the deed against. To get a correct assessment of your particular situation with consideration to nuances that you may not be considering, it's best that you get some legal advice from a property specialist in your jurisdiction.
Posted by: anon6835
What happens if a land owner does not sign the Warranty Deed paper?
|
Written by
Malcolm Tatum
copyright © 2003 - 2009
conjecture corporation
