Changing the ownership in a deed of trust requires a grant deed signed by the individual who is lowering his interest on behalf of another individual. A grant deed is a one-page form that has the verbiage that conveys a change in ownership. It must be acknowledged by a notary public to be valid. Blank grant deeds are available at most stationary stores or at several online sites.
Things You'll Need
- Grant deed
Determine the percentage of ownership that the person whose interest is being changed will have.
Determine the interest that all parties will have after the change is made. For example, if John Smith and Jim Baker each hold title as 50 percent owners, as married men, sole and separate property, and it's agreed that Jim will now hold a 25 percent interest, then the ownership percentage will read: John Smith, a 75 percent interest, as a married man, as sole and separate property and Jim Baker, a 25 percent interest, as a married man, as sole and separate property.
Complete the verbiage on the deed of trust that conveys the change in ownership. The verbiage should state the ending ownership percent after the change as follows: Jim Baker hereby grants to John Smith a 75 percent ownership in the property and Jim Baker a 25 percent ownership in the property, both holding title as married men as sole and separate property.
Sign the form in front of a notary public. The person signing the deed is the person who is conveying the change. A notary public must witness the signature. A notary requires two forms of government-issued identification, such as a driver's license, Social Security card or military identification card.
Tips & Warnings
- Changing the ownership of property is an important legal decision and should be reviewed by the legal counsel of all parties involved. A grant deed is only valid if it's notarized and recorded at the county recorder where the property is located.
- Since the transfer of property ownership has important implications, it should be reviewed by an attorney prior to its completion.
- How to Calculate the Ownership of Shares
- How to Change Property Ownership
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