How to Transfer a House Deed in Maryland
The state of Maryland provides several options for the transfer of real property from one party to another. As with many other states, a number of documents are authorized to cover the transfer of a property title and to provide agreements/covenants designed to protect the interests of concerned parties. These documents or deeds can assist title owners who wish to relinquish a claim to a property, or convey an amount of protection by the guarantee of a clear title during the property transfer. Does this Spark an idea?
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Instructions
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Obtain a Quitclaim Deed. A Quitclaim Deed is a type of deed that provides no guarantees regarding property title as it is transferred from the owner of a property (grantor) to the a grantee. This type of document is most commonly used in divorce proceedings, during the transfer of property between family members and during the execution of a tax sale.
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Obtain a Warranty Deed. A Warranty Deed is a document that holds provisions that guarantees the protection of the grantee from third-party claims in addition to guaranteeing that a clear title exists. This is the most common type of deed used in real estate transactions. The Warranty Deed differs from the Quitclaim Deed in that it requires the signature of all parties involved in the transaction. The Warranty Deed also provides a number of covenants that provide further protection for the grantee.
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Obtain a Deed of Trust. A Deed of Trust is a conveyance assigned to a title or trust company. The trust company holds the title until the loan given to the borrower is paid off. The trust company can effectuate the sale of a property if the borrower defaults on the loan.
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References
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