A document used in the transfer of property is known as a deed. In the case of transferring properties such as houses, buildings, and land, it is known as a real estate deed. The absolute deed of sale contains the name of new owners and current owners plus the description of the property sold. When a seller signs the document, it is proof that the seller is ready to transfer the property to the seller. Before the transaction is closed, the deed ought to be executed.
Usually, the seller or his or her broker will hire a lawyer to prepare the deed to ensure all requirements in the creation of deed are met before the seller conveys the title to the property. You should note that the deed ought to be in writing and contain legal details of the property in question. Therefore, it should contain evidence of consideration and a granting clause. This includes wording that is a demonstration of the seller’s intent of transferring the title to a buyer. Remember that the consideration is the buying price or any amount given by the potential buyer.
Acceptance and Delivery
You should note that the deed ought to be signed by a seller and notarized. In some areas, witnesses may be required to sign it. However, the buyer is not supposed to sign it. The lawyer will deliver the real estate deed to the potential who must accept it.
You should note that before a title is transferred to the buyer, the attorney will carry out a title search to find out if the title to the property corresponds to the purchase agreement. Also, a title search shows that sellers ought to transfer the title to the property, which is free of liens. Also, the buyer’s attorney will order the report and provide copies to the seller’s attorney.
The deed ought to be accurate to avoid any ambiguities and title confusion in the future. Also, the buyer ought to record a deed where the real estate property is located. Therefore, constructive notice is given to any person who is claiming the property and any person who records real estate documents such as lease agreements and mortgage liens. Also, recording protects the interests of buyers. For future inquiries, title insurers and attorneys depend on the record documents to determine the person or company that owns the property.