Transferring title is a complicated process that requires the expertise and experience of a professional. However, there are some essential elements that every homeowner and homebuyer need to aware of when it comes to transferring real estate. Recording and executing a deed is the simple way to transfer real estate from one owner to another. Depending on the specific situation, there are a couple different deeds that are used to convey or transfer property to someone else.
Warranty Or Quit Claim Deed
While every state has it’s own differences and variations, the most commonly used deeds to transfer property are a warranty or a quit claim deeds. In fact, the differences between the two are very slight but should be understood. A warranty deed is one in which the grantor conveys good and clear title to the property. However, a quit claim deed conveys whatever interest, if any is there, that the grantor has in the property. Consider for instance the importance of seeking help from a professional to help with any transferring of property to ensure a smooth transition.
The Big Question: Can Title Insurance Be Transferred?
In short, no. A title insurance policy can only be valid during the time that the insured party is owning the property. In fact, a title insurance policy is incapable of being transferred to the next owner, it is the new owner’s responsibility to purchase a new title insurance policy. Furthermore, if the real estate in question is transferred or sold, the subsequent owner is required to purchase a completely new title insurance policy to call their own.
The Bottom Line
In the end, if you are considering transferring or selling real estate, consult a professional. Having an experienced professional to assist you with the process will ensure that everything goes smoothly.
A Title Company You Can Trust: Colony Title
At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, LinkedIn, and Google+.