Broward Property Deed Transfer
Broward Property Deed Transfer
Your home is a valuable asset. As you deliberate a strategy to prepare and plan out your estate, you consider how it can be of significant value to a loved one or charity after you pass it on. You may be asking yourself if it is possible to transfer ownership without selling it and if it is the best move you can make to save money. Given that’s the case, where do you start? Who are the people involved? And at what point should the property deed transfer take place?
Real estate transfers tend to be common among family members. Sometimes they occur out of generosity and love and sometimes they are a part of an estate planning strategy. No matter the reason, property transfers can be useful to accomplish a particular goal, though not all taxpayers consider the tax consequences.
Property transfers typically involve a complex web of laws and regulations. It is best to speak with an experienced Fort Lauderdale real estate attorney as soon as possible.
What You Need to Know About Property Deed Transfer In Florida
Unlike personal possessions or the movable type of property, it is usually difficult to determine who owns real estate in plain sight. The property value as well as the need to have tangible means of identifying the owner leads to property ownership requiring much more paperwork compared to any other type of commodity.
Every piece of real estate is within public record in the United States. In other words, they are tracked and recorded. This suggests that anyone is permitted to take certain steps to obtain information about it. It also means that it is necessary to make certain changes to the official documents involved in order to reflect transactions like transferring of property from one owner to another. As a matter of fact, misrecording the necessary documents can even lead to an invalid transfer altogether.
Through means of deed, the process of transferring property takes place. A deed is a formal legal document and an official proof of transfer. A property deed documents the transfer of all the person or entity’s right of ownership to another. Essential information that a deed must contain includes:
An Indicator that the deed is in fact a deed
Property description for every property involved
However, the deed in itself is literally used only for the transferring of the involved property. If you really want to know who has true and full ownership of the property, you should take a look at whose name is on the title. Having a title to a property means that you are entitled to different rights that come with property ownership which may include:
The right to access and occupy the property
The right to place encumbrances on the property like mortgage
The right to use the property as you wish within legal bounds
The right to transfer the property in whole or in part
You can expect that there will be times that more than one person’s name will be listed in a title. A good example would be married couples who own a property together. Both the couple’s names will more than likely be on the property’s title. When this happens, a one-half interest in the property will generally be held by each of the spouses. This in turn suggests that both spouse’s permissions play an important part before any property is conveyed, thus, a successful Florida title transfer.
Types Of Deeds
Every real property transfer will require the use of some type of deed. Each type varies based on the warranties provided to the grantee. Different varieties of deeds provide varying levels of title. The two most common types of deeds used to transfer real estate are a Quitclaim Deed and a Warranty Deed. Below are the deed options:
General Warranty Deed
Statutory Warranty Deed
Special Warranty Deed
Fee Simple Deed
Quit Claim Deed
Life Estate Deeds
Personal Representative’s Deeds
Quit Claim deeds are typically used between people who have close relationships (family, close friends, and former spouses). In the state of Florida, a quit claim deed can be used to:
Clarify how the property is owned among property owners;
Correct mistakes in previously recorded deeds;
Transfer property to or from a living trust;
Transfer property to a spouse during a divorce;
Transfer one property owner’s rights to another property owner;
Clarify property ownership among heirs;
Transfer all or a part of your property ownership to another party; and
Make changes in the way that owners hold title to the property.
Among the listed types of deeds above are other existing deeds that are not utilized that much due to the very limited purpose they serve. We cannot stress enough how crucial it is to choose the appropriate deed type for a successful Florida title transfer.
Let Magnolia Law Handle Your Property Transfer In South Florida
While property transfers are beneficial to pave the way towards achieving a certain goal, there are certain implications that will depend on the course of action you take, most especially in terms of tax consequences. Apart from worrying about tax, there are also some other issues you need to factor in prior to attempting a will, trust, or property deed transfer.
Let’s say your property is secured by a mortgage. When ownership changes, given the circumstance, expect that your outstanding balance may become due immediately. It is important to speak to an experienced attorney to help you choose the best strategy when it comes to property deed transfers or Florida title transfer. Magnolia Law will provide you the best expert help through an experienced real estate attorney in Fort Lauderdale. Call us today.
