Did you know that every piece of real estate in the United States is tracked and recorded? These files are usually stored with the county recorder office. The records are public. This means that anyone who wants any information can attain it with appropriate steps. And houses in Fort Lauderdale are no exception to this law. So, the information to your property is stored with the Broward County Records, Taxes and Treasury Division.
Additionally, when you want to transfer property from one owner to the next, you need to change all the official documents to reflect that transfer. And a failure to do so can either undermine or deem the property transfer invalid. It is not always true that the transfer of houses in Fort Lauderdale are easier than others. This is mostly because there are certain documents required, and mistakes can make them null and void.
In this article, we look at what a deed is, the various types of deeds, and what they mean to you.
All about deeds
In simple terms, a property deed is a formal and legal documentation that transfers the property rights of one individual or entity to another. Such a deed is treated as ‘proof of transfer’ for real estate. So, if you own a home in Fort Lauderdale or land with a house or other building on it, you can transfer the rights with a property deed. A deed contains the following in detail
- An indication that it is a deal
- Description of the property
- Signature of the entity or individual that wishes to transfer these rights
- Information related to the entity or the individual who wishes to take over the property.
Even though the deed is considered a proof of transfer of property, the proof of your ownership of that property is determined only when your name is on the title. For example, if you have the title to a house in Fort Lauderdale, you would also have other rights like
- Access and occupancy of the property
- Placing mortgages on the property
- Transferring the property in whole or in part
Why is it important to have a title in property transfer?
As properties are held in high regard, it is vital to have a good title when you wish to transfer your property. This is also because each time a property is transferred, it goes through a public legal process and is recorded. In the event that there are gaps in your title, your credibility can be questioned as it would seem like you do not have the necessary ownership rights (discussed above) to assign to the property. These become a big deal, especially when their mortgage associations or debt institutions are involved that you are unaware of.
Types of deeds
If you wish to transfer the property rights of your home in Fort Lauderdale or anywhere in the States, you need to know the kinds of deeds that exist. The validity of your title can determine the type of deed you wish to use. Let’s get into these into detail.
The General warranty deed
This is the most common deed and is used to transfer real property. So, if you are sure and confident that the title to your property is good and marketable, then this deed can be used for residential estate transactions. This guarantee applies to all the parties involved in the chain of the title for that property. There are also many advantages to transferring property with a general warranty deed.
Quitclaim deed
A quitclaim deed is another such legal document that enables you to transfer ownership of the property to another person without providing any assurance. It is important to note that quitclaim deeds are mostly not used between parties who don’t know each other. Such a deed is used when the owner and the person to whom the rights are being transferred are related or are co-owners. So then how exactly is a quitclaim deed used?
- When you want to move your property title from community property to a joint tenancy
- When you want to move your property ownership into a revocable living trust
- Transfer property in a divorce settlement
- Transferring your co-ownership rights to another co-owner.
- To resolve questions related to unclear inheritance.
- Such a deed also needs to be submitted to the Clerk of Court for the county where your property is located.
What is a property abstract?
A property abstract essentially details the ownership record of a property and provides information in case the title may have any legal issues. The property abstract is put together by an attorney and is detailed with dates that go way back in history with the help of public and government records. This document provides an assurance of a good and marketable title in your real estate ownership.
Conclusion
If you have all the required information for a successful property transfer, you might not even require the involvement of an attorney to create a deed. This is especially true if you are transferring property between family members or into a trust. All the necessary documents must be filed with the Broward County Records, Taxes, and Treasury Division. You can visit the official website for more information on deeds and property transfer rights.
