One of the final steps when buying property is deed preparation. If you have arrived at this step, then you have already done most of the heavy lifting, especially if you have not yet sought the services of a lawyer. If there was ever a time to get one, however, it would be at this final stage. That’s because this is where the property ownership changes hands.
Read on to learn what deed preparation is all about and why you need a lawyer to get you safely on the other side of your purchase or sale.
A property deed is a written and signed legal instrument that is used to transfer ownership of real property from the old owner (the grantor) to the new owner (the grantee). Historically, real property was transferred through a ceremonial act known as “livery of seisin.” In this act, the person transferring the land handed a twig or clod of turf from the land to the person taking delivery of the land. A verbal or written statement often accompanied the gesture, though it was the livery of seisin that legally transferred the title to the property. Today, title to real property is conveyed by a paper deed. Read more at Investopedia…
A real estate deed is a document that shows who the rightful owner of a property is. When you buy a property from another party, they have to legally hand over the property. This is largely what the deed preparation stage entails.
All real estate deeds must be in writing. The deed must contain a formal legal description of the property, which contains a granting clause and evidence of consideration. The granting clause includes wording that demonstrates the seller’s intent to transfer the title to the buyer. The consideration is the amount of the purchase price or some other value given by the buyer.
The real estate deed must be signed by the seller and notarized. Also, some states require one or more individuals to sign the deed as witnesses. The buyer is not required to sign the deed. The seller’s attorney is responsible for delivering the deed to the buyer, and the buyer must accept the deed. Read more at SF Gate…
Detail of the Deed
Both the seller and the buyer need attorneys at this stage. They will help to make sure all the details in the deed are as both parties agreed. Typically a deed should describe the property in question and the seller’s intention to transfer ownership to the buyer.
Review the deed to ensure you have included the required legal elements: the grantor and grantee’s name and address, the property’s physical address and legal description, the sale amount and any liens or encumbrances. The signature blocks for the grantor, grantee and witnesses along with the notary information should be included at the end of the deed. Read more at The Nest…
Role of the Attorney
The work of the attorney is to review the document. He or she will look for details such as the physical address, sale amount and any liens. In some cases, buyers later find out they have been assigned the wrong properties when such details are not analyzed carefully.
For your own protection, you don’t want to complete a real estate purchase without an attorney. This is particularly important for deed preparation. Meek Law Firm South is among the leading real estate lawyers in Charlotte and North Carolina. Give us a call at (704) 800-5901 to discuss your needs, or complete the contact form on our website and we’ll get in touch with you. We look forward to hearing from you.