transfer real estate 1

How To Transfer Real Estate [4 Requirements]

Transcript:

Hey everyone welcome to V-FAQ’s I’m attorney Joe Collier and today we’re going to talk about how to transfer real estate. Now, to transfer real estate there are four things that you want to either do or have. And I’m going to briefly go over those four things, and then talk about which ones you need when you’re transferring real estate to a relative, a friend and a stranger. So the first thing that you need is a deed. That’s going to be either a quitclaim deed or a general warranty deed I go over the different types of deeds in another video. But that is what actually transfers the property that is the title to the property. It must be notarized witnessed and then recorded the county recorders office. The next thing that you will need is the seller’s disclosure forms, those forms, just disclose any known defects or risks or hazards in the house that the seller knows of. The third thing is a purchase contract. And that one’s pretty obvious just determines the term the price the closing date, all that good stuff. And then lastly a title search that relates to the deed in the chain of title who owned it previously, and that will show you what title you have to the property, if there are any easements or any other. I guess rights to the property. So when you’re selling or transferring to a relative. All you need is the deed. The law, excludes relatives from the requirement to do seller’s disclosures, so if they’re a relative you’re not required to do those disclosures. And if you’re doing a transfer by deed, mostly by quitclaim, then you don’t need a purchase contract, you will need a purchase contract, if you’re working with a lender because they always require one. But if it’s just a transfer, it’s just the deed. Now if you’re transferring to a friend. You need the deed. And you have to have those sellers disclosures, since they’re not a relative the law doesn’t say your friends don’t have to do so, therefore, you need the deed and you needed to seller’s disclosures. Now if you’re buying or selling from someone that you don’t trust or that’s not a friend or a relative. You will need the deed, the sellers disclosures, and you pretty much need the purchase contract it’s not legally required to transfer the property. But if you don’t know them or trust them. Then you need, or just contract. And at that point, you also want the title search. Typically, you’re not going to transfer by quitclaim deed. If it’s a stranger. And so you want to do a title search to see what encumbrances are on the property. And what kind of title you’re actually acquiring it and you will also want to make sure that that person owns the property that they’re claiming to sell. And that’s what the title search does. So, if you want more information on the deeds go check out my other videos, and that’s all for today, I’ll see you next time.

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