Transferring real estate is by no means a piece of cake. In fact, you cannot just verbally assign a land or a house to another without taking any legal steps. Therefore, there are certain processes that you need to focus on when such activities take place in your circle of life as well. It may not seem likely that you will be transferring a property right, but there comes a time in life where you will be in that situation. So, why not learn about it now than postponing it to the future? Another important fact or paper work in such processes would be the deed. What role does it play in the legal aspect of transferring real estate? Look below to enlighten your mind on this subject.
What are deeds? Are they merely a word or a very impactful term that could bring about significant change to your life? You are most likely to agree with the latter part of the above statement, as the transfer of a real estate requires the involvement of a deed in order to fulfil the legal requirements of the deal/transaction. Simply said, in order for the transfer process to take place, the exchange of a deed needs to be done. This officially transfers the ownership from one person to another, making it a proof document.
Types of Deeds
Just like a person has his/her own multiple personalities, a deed too has several faces that you are likely to come across. Some of the most notable ones could be named as; warranty deed, special warranty deed, grant deed, quit claim deed and bargain or sale deed. As a buyer or a seller, the primary factor that you need to be aware of is that the type relevant to you, out of the ones that have been mentioned above solely depends on your title.
Although it may seem like you typically need to get the assistance of an attorney to fulfil the procedures regarding the transfer of deeds, it is not always a mandatory action. However, it is always advisable that you listen to your property conveyancing Newcastle agent in order to fulfill the necessary formalities; and if he/she mentions the requirement of involving an attorney to transfer deeds, it is best that you adhere to such instructions as it will ensure your safety in the deal.
Making a successful transfer of a land or a house can be accomplished if you get all formalities done accordingly. Especially, the deed of the house or land has to be transferred in the right way in order to ensure that the ownership has been transferred from one another. This will ensure that both parties will be in safe hands.