How to Transfer Property to New Owner
The National Association of Realtors reported that in May 2010 5.66 million housing units were sold in the U.S. When a property sells, the existing owner transfers his real estate rights to the new owner. These rights include the privilege of privacy, use of the property and the ability to transfer property ownership. People convey their property rights for many reasons and life circumstances such as marriage, divorce, job relocation or death.
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Instructions
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Review your deed to find out what type of ownership you have in your property (see "Tips" for types).
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Decide how you want to transfer the property to the new owner. You can transfer ownership in a property by selling it, offering it as a gift or conveying ownership upon your death. To sell the property you grant ownership in exchange for money. You can offer the property as a gift for free to friends, relatives or anyone you choose. Furthermore, a living will or trust allows you to transfer your property interest upon death.
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Select the type of deed you will use to grant ownership. You use a quitclaim deed, warranty deed or a sale deed (see "Tips").
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Meet with an attorney to review your real estate transaction. A real estate attorney will help to ensure you are following applicable laws in transferring property ownership and also provide you with legal paperwork such as deeds.
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Get the deed notarized. Most states require you to get the deed notarized. When a document is notarized, you must sign it in the presence of a notary public. You can find a notary public at a bank or the public library.
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Record the deed to complete the property transfer. Contact your county clerk office to have the deed recorded in the register of deeds office in your county.
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Tips & Warnings
Before you transfer your property, determine what type of interest you have in the real estate. The four most common types of property ownership include sole ownership, tenancy in common, joint tenancy and tenancy in the entirety. If you have sole ownership, then you are the only owner and have full interest and property rights. With a tenancy in common, you own the property with one or more people who may have unequal shares and upon death your shares will go to your decedents. A joint tenancy ownership occurs if you and another person have equal shares in a property and if you die, then your shares will go to the remaining owners. Tenancy in common is generally when a husband and wife own equal property shares. If you share property rights, then you can only convey your shares unless all parties agree to the transfer.
A quitclaim deed transfers all interest you have in a property without any guarantee of title. With a warranty deed, you gurantee the title you are transferring, and a sale deed conveys rights you currently have or will have in a property without guranteeing the title.
References
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