There are many ways how real estate lawyers can transfer property from one owner to another. This procedure is called conveyancing, and it represents a legal method of property transfer. The both parties, buyer, and seller, are included in this process, the lawyer will make a draft, and when the ownership has been determined, he will find the best legal way to transfer the property.
The most accepted way to transfer the property from one owner to another is to do a deed. With this paper, the lawyer will identify the buyer and seller and put in the details regarding the property that’s been transferred. The deed signs the person who is transferring the ownership and signature of the seller needs to be notarized. There are two types of deeds. First one is the warranty deed, as the name states, it comes with a guarantee against frauds.
The second one is a quitclaim deed. This document transfers the ownership of the interest that selling party has with the property. However, there is no warranty in this case regarding the interest and the condition of the property. This type of deed is often used when the is a problem with a title, for example, when spouses are divorcing and in the transactions among the relatives.
Joint Tenancy and Tenancy in Common Documents
When two individuals buy a property together, the real estate lawyer that is making a deal needs to ask common questions, for example, how they are going to split the ownership. The joined tenancy involves two parties which one property. If one of the owners should pass away, the remaining part will go by default to a surviving tenant.
Co – ownership is usually established between married couples. They often use this procedure and will is not required. It saves them the money and time. Common tenancy represents a legal process when the ownership of one property is shared among two parties, and they don’t have of survivorship. When some of them pass away, the remaining property will go to his or her heirs, in accordance with a will.