When you buy or sell a piece of property, you must convey that property by legally creating and transferring the property with the drafting and recording of a real estate deed. Some real estate transactions have the deed conveyed with the assistance of an attorney, while others do not. An attorney can provide valuable assistance by helping to determine what form of document is appropriate for the transaction, who must sign the deed, how the new owners will hold title, and if there will be any other interests or covenants that must be spelled out.
When conveying a piece of property, the buyer is known as the grantee, and the seller is known as the grantor.
The most form of deed is a warranty deed, also known as a grant deed. It not only transfers ownership, but also warrants that the grantor holds good title to the property.
By contrast, a quitclaim deed transfers ownership of the property, but does not guarantee what that interest is or that the title is in good standing. Quitclaim deeds are most commonly executed in informal transactions between friends and family members, or as part of a divorce proceeding.
Recording Your Deed is the Final Step
Deeds can either be created in joint tenancy or by tenancy in common. Joint tenancy means that when one person passes away, the owner's share passes automatically to the surviving joint tenants. This is the most common arrangement with a married couple. Tenancy in common means that when a person dies, their share of the property passes down to their heirs or to the appropriate persons named in their will.
None of this becomes legal until the real estate deed, in Arlington or other Texas communities, is recorded. This takes place at an appropriate county office where the property is located. This might be a county recorder's office, a land registry office, or a register of deeds. It is important to note that an owner's interests are not fully enacted and protected until the deed is recorded.
The Hixson Law Firm serves clients in Mansfield, Arlington, Grand Prairie and other nearby Texas communities.