Definition of Property Transfer Deed
A transfer deed legally documents the release of property from one individual to another. Different forms of transfer deeds are specific to certain situations in real estate commerce. Historically, recorded transfer deeds provide a way to research a property's background and to locate genealogical roots.
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History
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Check the county record office to see who lived in this abanoned town. Some U.S. counties have transfer deed records older than the Republic itself. Researchers tap into this wealth of information in order to investigate land use histories, learn about historic land usage and reconstruct original configurations of communities. Genealogists consult transfer deed archives to track familial connections.
Types
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Three primary types of transfer deeds are the quit claim, the grant deed and the warranty deed. Each of these is appropriate to certain kinds of property transactions. For simple property transfer within families, people sign a quit claim deed. Depending on your jurisdiction, the law dictates whether you should use a grant or warranty deed in a real estate transaction.
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Features
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A quit claim deed records the transfer of property between family members. A quitclaim deed transfers one individual's ownership rights in a specific property to another individual with no guarantees regarding encumbrances. A grant deed transfers property with the implication that there are no encumbrances or liens--other legal claims against the property. A warranty deed carries a legally binding promise that the property is free of liens and ownership claims.
Legal Considerations
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U.S. law requires a written record, or deed, every time real estate changes hands. The deed must contain the legal property description, the names of the sellers and buyers and the signatures of all parties. These signatures must be witnessed by a notary in order to make the deed recordable in the county books of most jurisdictions.
Benefits
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Relax in the knowledge your real estate investment is protected. A recorded transfer deed protects your rights of ownership. The safest form of property transfer deed is the warranty deed, which legally requires a seller to compensate you if a previous lien or encumbrance comes to light after the transaction is complete.
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References
- Photo Credit For Sale By Owner sign image by Edward Stephens from Fotolia.com ghost town image by Jim Parkin from Fotolia.com a handshake image by Peter Baxter from Fotolia.com legs and hammock image by ann triling from Fotolia.com
