Question

Put these steps required for the transfer of real property: preparing the deed, signing of the deed, delivery, filing of the deed, ownership, possession

Answer 1

Firstly, A person transferring the property is called Grantor, Person receiving the property is called Grantee.

There are different types of Deeds available like

General Warranty Deed, Special Warranty Deed, Quit Claim Deed, Sale Deed, Grant Deed.

General warranty is most widely used to transfer the real property.

For Preparing a Deed:

We need to identify the Grantor, Property.

Type of Deed used.

Indicate that it is a deed.

Date, Signature,

Some data on who is carrying the property title, and exchange value if any.

A deed must also have words of conveyance, that is grantor is willingfully transferring the deed to the grantee.

The signing of the Deed:

It is mandatory for the Grantor to sign the Deed, no rules for the grantee to sign the deed.

Delivery and filing of the deed.

The deed can be filed in the country Recorder (Registrar) office, where the deed gets registered and a book and page number be allocated, a fee needs to paid, which depends on pages on deed registered at the office.

A deed is delivered if it is in the possession of the Grantee or it is presumed to be delivered as on the date of the deed.

Ownership and possession depend on any covenants on the deed or the ownership transfer happens immediately when the deed was recorded at the office of recorder.

Possession happens subsequently when the title of the property will be transferred to the grantee.