A deed of assignment is a legal document that is used in the transfer of real estate and land property. The deed of assignment is a very important document that should be kept at safely stored at all times, particularly in the case of real estate. The deed of assignment can generally be defined as a document which is drafted to guarantee or promise that the transfer of ownership of a property will commence on a particularly defined date. The deed of assignment, in other words, is a document that is evidence of a transfer of ownership, with the stipulation that there is a certain time period in which actual ownership is to commence.
There are various situations in which a deed of assignment may be needed, though the most common occurs in the transfer of ownership in regards to property. An example may be when a developer of a new home signs a deed of assignment to a purchaser, stating that the property will be his/hers on such a given date. However, the purchaser may decide to sell the home to another person, which will also require a deed of assignment. This is necessary because the actual title deed of the home is most likely not to have been issued, and the deed of assignment essentially acts a temporary title deed. For every time that a property is to be sold before a title deed is issued, a deed of assignment will be needed.
Are you selling your house and need to transfer ownership? Are you headed into retirement and want to give your home to your kids? Or is there any other life circumstance where you need to put your property into the hands of another person? If so, you’ll have to transfer your real estate deed.
Luckily, transferring a real estate deed is straightforward and shouldn't take too much time or energy.
Why transfer real estate deeds?
While there are many reasons to transfer deeds, you’ll generally need to do so if someone's name is removed or changed on the property title. To ensure a legal change to the property title, you’ll want the services of a real estate attorney.
What the lawyer needs to do
A qualified real estate attorney will prepare and file the real estate transfer deed. Be prepared to provide basic information about both the property in question and the individuals who need to be listed on the title.
The real estate attorney will do an inquiry to establish the legal description of your property. He will also confirm the current owners whose names appear on the deed. Usually this process will fall into one of three categories:
- For a transfer to a trust, a certificate of trust or abstract of trust needs to be supplied.
- For a transfer to a business, a certificate of formation or article of incorporation needs to be provided.
- In case of the death of a co-owner on the current deed, a legal copy of the death certificate will be needed and an affidavit will be arranged.
What you need to do
Sign the new real estate deed. It will be filed with the appropriate county recorder's office. Usually the filing and recording process takes from four to eight weeks, and you will receive the new real estate deed in the mail.
Property transfer between relatives
Sometimes an aging parent wants to give legal responsibility for their home to their child. If the property has a mortgage on it, the child who receives the property will need to get a loan before completion of the property transfer.
Next, the parent will complete a "quitclaim deed," or deed of release, to transfer ownership. This is sometimes a recommended process for people who are related, as it’s rather straightforward and doesn’t require a lawyer.
A notary must be present when signing the deed. The notary will sign and stamp it, making it legally binding. Depending on your location, you may need the signatures of additional witnesses.
Be sure to photocopy the document, distribute it to all parties and file the quitclaim deed with the local land records office where the property is located.
The bottom line
Whatever the reasons for transferring ownership of a property, a real estate deed transfer is one of the more efficient and less time-consuming steps in the homeownership process.
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Angela Colley writes about real estate and all things renting and moving for realtor.com. Her work has appeared in outlets including TheStreet, MSN, and Yahoo.
Related topics:deed of trustproperty deedreal estate deedtransfer real estate