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Real estate - Essay Example

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Real estate is also known as real property, immovable property or realty. Legal ownership of real property rests with the owner of the legal documents…
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Ways That Real Property Is Transferred and the Procedures for Doing So Real e refers to land, buildings, houses andany other developments that may be connected to real property (Abts, 2002). Real estate is also known as real property, immovable property or realty. Legal ownership of real property rests with the owner of the legal documents of ownership such as the title deeds. Transferring property from one person to the other involves transferring the documents of ownership to the new owner (Abts, 2002).
There are several rights of ownership that are recognized by law as far as real estate is concerned. The various types of estates are basically determined from the type of language used in the ownership documents such as the deeds, wills, grants of land, lease and bills of sale, by which the real estate was acquired (Abts, 2002). Estates are usually distinguished by the different property rights vested in each type of real estate.
Property may be transferred for various reasons, among them purchase, inheritance, gifts, and legal reasons (Abts, 2002). One can purchase real estate from another on the basis of willing buyer willing seller. This will involve transferring documents of ownership to indicate that the rights of ownership now belong to the buyer. Property can also be transferred in form of inheritance. An heir to the property will have to transfer the ownership documents to reflect his ownership. Property can also be given to another person as a reward or a gift. Property can also be transferred from one person to the other for various legal reasons, for instance, as part of a divorce case, if it was acquired illegally and has to be returned to the real owner. In all these circumstances, transfer of property has to be done carefully and often with the help of a legal advisor.
In order to fully understand whatever type of property is being transferred, it is important to understand the various interests held by the two parties involved (Abts, 2002). Deeds can also affect the type of ownership being transferred. The various types of deeds involved in transfer of property include the general Warranty deed; this gives the new owner all the rights of ownership of the property without any limitations. A general warranty deed is good if property is being transferred to the buyer (Abts, 2002).
A Special Warranty Deed on the other hand involves the grantor limiting the title warranty given to the grantee to anyone claiming from the grantor. The other important deed is the Quit Claim Deed, which conveys a grantor’s full interest in the property, but does not warrant that the grantor’s claim of title is actually valid (Abts, 2002).
The basic procedure for transferring property is to contact an attorney, who will provide legal advice and explain the various details involved in the process. Next, both of the parties involved in the transfer will make an appointment with the attorney. Both parties will be required to sign documents to facilitate the process of transferring the property. Lastly the two parties ought to confirm the transfer of the property at the county court house in the county in which the property is. A transfer of property is not legally valid until it has been recorded at the county courthouse (Abts, 2002).
Work Cited
Abts, Henry W. The Living Trust: The Failproof Way to Pass along Your Estate to Your Heirs.
3d ed. New York: McGraw-Hill, 2002. Read More
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