The business of transferring deeds implies transferring ownership of a piece of real estate from one party to another. Most real estate transactions come complete with red tape all their own, but transferring a deed is a simple transaction in a complex world. In fact, people and even corporations can often deed a piece of property to a new owner for just one dollar. This type of deed transfer is also known as a quitclaim deed: One party “quits” the ownership of the property in favor of bestowing it upon someone else.
Obtain a quitclaim deed from a real estate broker or your local real estate commission. Quitclaim deeds do not cost money to obtain and are typically only one or two pages in length. Quitclaim deeds are written in plain language that is simple for the layman to understand.
Fill out the information for the grantor (giver) and the grantee (recipient) of the property. In the section marked “Consideration,” it is only necessary to note that the consideration or payment for the property is one dollar.
Input the legal description of the property as indicated on the county tax records. If you need help with this, consult your local tax office and obtain the information directly from them. There is usually no cost associated with this.
Sign the deed in front of a notary public. Title companies provide a notary pubic, as do most banking institutions. Depending on the notary service used, there may be a fee for this service.
File the paperwork at the local county clerk’s office. There may be a fee to file a deed transfer; fees are determined at the county level. Once the deed is filed and recorded, ownership is officially transferred.
Only properties without a mortgage lien attached to them can be deeded using a quitclaim deed. To deed a property to a new party without mortgage lender approval could result in legal action and foreclosure.
- Only properties without a mortgage lien attached to them can be deeded using a quitclaim deed. To deed a property to a new party without mortgage lender approval could result in legal action and foreclosure.