Transferring title in real estate can be a simple process. It is most commonly accomplished by the execution and recording of a deed. Depending on your situation, you need to decide on the deed that can be used to convey title.
Warranty or Quit Claim Deed?
Although each state has its differences, the deeds most commonly used are warranty and quit claim. A warranty deed is one where the grantor conveys good and clear title to the real property. A quit claim deed conveys whatever interest, if any, the grantor has in the property. For example, as part of an estate plan and in order to avoid probate, parents might use a quit claim deed to add their children to the title of their home. Always seek the advice of an experienced estate planning attorney before adding additional parties to title.
Can Title Insurance be transferred?
A title insurance owner’s policy is only valid as long the insured party owns the property, therefore, the policy cannot be transferred to a subsequent buyer or owner. If the property is sold or transferred, the new owner would need to purchase their own individual owner’s policy.
If you are thinking about transferring the title to your real estate, make sure to speak with a real estate attorney before making any decisions.
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