When one joint tenant dies, that owner's share passes automatically to the surviving joint tenant. Joint TenancyĪ joint tenancy involves the right of survivorship, which must be stated in the grantee clause.
#CONVEYANCE OF PROPERTY HOW TO#
This decision about how to hold title does not have a lot of influence day-to-day, but it can make a great difference in how the land is treated upon the death of a co-owner. (Note: the word "tenant" in this context is an old English term that means "owner.") The most common options are to hold the property as joint tenants or as tenants in common. When two or more people purchase property together, the real estate lawyer must also determine how they want to hold the title. Holding Title: Joint Tenancy and Tenancy in Common My title might not be good and someone else might even own the property, but whatever I have is now yours." A quitclaim deed says: "I'm giving you whatever interest I have in this property, but I'm not making any promises about it.A warranty deed says: "I promise that I own the property I am giving you and the title to it is good,".Quitclaim deeds are most commonly used to clear up title problems, to transfer property between spouses after a divorce, or in informal transactions between friends or family members. Quitclaim Deed: A quitclaim deed transfers the ownership interest the grantor/seller has in the real estate but makes no promises or guarantees about what that interest is or that title is good. A warranty deed transfers ownership and also explicitly promises the new owner that the grantor/seller holds good title to the property. Warranty Deed: The most common way to transfer property is through a warranty deed (sometimes called a "grant deed"). There are two types of deeds commonly used in real estate transactions: warranty deeds and quitclaim deeds. A notary public must notarize the seller's signature. Is signed by the person transferring the property.Provides a legal description of the property.
Identifies the buyer (grantee) and the seller (grantor).What Are Deeds?Ī deed is a legal document that transfers ownership of real estate.
The attorney will then draft the proper legal document and record the deed (or similar real estate document) with the correct state agency. Exactly what interests in the property are being conveyed?.How will the new owners hold the title?.What type of document is needed for this particular transfer of property?.The legal term used to describe the act of transferring real property or title to a new owner is "conveyance."Ī real estate attorney involved in conveyancing takes the wishes of the buyer and the seller and translates them into a legal document, usually a deed.
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