The success that people experience with owning and transferring property can be heavily influenced by a title they have and how they are affected by the law. Real property stands out among alternatives by aiming to show who owns a house, apartment and similar establishments, and attorneys such as Watts Law Firm PA serves to help property owners keep it in the right hands, whether it’s their own or that of a friend, relative or another trusting individual.
However, you need plenty of information before you can control real estate, such as what can affect the title’s value and how to overcome obstacles. Here are the ins and outs to property titles so that you know what Watts Law Firm can do for you.
Deed Options in South Carolina
The ability to own and sell property is determined by the kind of deed that you have, and you have plenty to choose from. A Bargain and Sale Deed involves selling the property rather than transferring it. This option is often used among businesses in addition to individuals.
With a Grant Deed, the owner has a guarantee that he or she owns the property and has the right to sell it, making it easier to determine who the buyer can be.
Potential buyers who want to avoid as many issues with insurance as possible will most likely feel comfortable with a General Warranty Deed, as the grantor promises that the title will have no problems and the grantee will not have to deal with liens, claims or clouds that existed from when the property was built to when they bought it.
A Special Warranty Deed has a little less security. It keeps buyers from dealing with clouds and liens only during the time the grantee owned the property. The longer the seller owned the title, the less trouble the buyer will have.
A Quitclaim Deed is useful for more personal exchanges of property, such as parents who want to trust a home to their children once they pass away or a couple gets a divorce and wants to split property. No money is transferred in this case, as the seller is giving up ownership of the house, apartment, or whatever establishment they own.
Defects in Title in South Carolina
A variety of obstacles can get in the way of your ability to exchange titles, some of which are because of these deeds’ design. For the Special Warranty Deed, you won’t have as much value in your new property if the previous owner didn’t have it for too long. There’s no guarantee for lien or claim-free ownership for the seller of a Bargain and Sale Deed, and a Grant Deed doesn’t secure your title from clouds. The absence of money exchanged in a Quitclaim Deed leaves little financial protection for the parties involved.
Other factors put restrictions on how the property can be used, such as an encumbrance, which could come in the form of a mortgage or other monetary obstacle that can be enforced by the local council or land zoning. An easement can get in the way by limiting how you can use your new property, such as your ability to build new structures in the area or where you put pipelines and drainage inside.
Other people with a stake in the property can get in the way through a caveat, in which they still own the title through a loan or a mortgage. Similar to an easement, a covenant can limit your usage of the property by determining what you can use to make any changes, such as what material is allowed for building on the property.
A common error can be a problem for deals going through, such as filing the documents in the wrong place or providing inaccurate information, which can affect how long the deal takes to get finalized.
Criminal elements can come into play, as well, such as a prior deed being made by a person who lied about their marital or professional status or forged signatures in the process of the transfer.
Legal Actions Regarding Title
The responsibilities of the seller and buyer of titles involve plenty of research and confirmation of the most relevant details for the transaction. All parties involved need to provide their full names, the legal address of the property, and the reason for the transfer.
Filling out the transfer when all parties are present helps solidify trust among all parties, and it helps to preserve documentation by making extra copies, both physical and digital so that you can go back to the agreement in case problems happen in the future. Doing this at a recording office not only provides extra witnesses to the deal, but the buyer and seller can call the office to ensure that the transfer had no issues and the information is current.
Lawyers can make this process an easy time for everyone by collecting the information needed to go through, such as an abstract or certificate of trust or a transfer to a trust. Attorneys can keep a hold of data that can vary depending on the type of parties involved, such as an article of incorporation and certificate of formation if a business is the owner or buyer, or a legal copy of a death certificate if the grantor, or co-owner if a couple or partners owned the property, passed away.
Watts Law Firm is designed to help people manage property that they worked to keep and maintain in good shape over long periods of time, which includes drafting, administrating updating different types of trusts, as well as filing claims of forgery and undue influence. Clients will also be able to find out about caveats and easements right away, and Watts Law Firm will manage taxes and insurance so that they only benefit how you’re able to sell or buy a title.
Methods for Holding Titles in South Carolina
Once you have all of the legal obstacles taken care of, you’ll be informed on which way to manage titles will suit you most. One of your options will be through a joint tenancy, which involves multiple people having equal rights over the property. If one owner dies, that ownership is granted to the surviving partner.
Legally married couples are best suited for tenants by the entirety, which grants ownership to both people under the premise that they are acting as one person. As with a joint tenancy, one person is granted the title in case the other dies.
If you get a divorce, your title will turn into a tenancy in common. Here, each party holds a title individually for their respective part of the property, and they have the option of transferring their ownership to whomever they want.
Sole ownership is given to an individual or a business acting as one entity in a legal matter. This can apply to single people, widows or widowers, and companies that want to hold an interest in real estate. Because you’re holding the title on your own, they don’t need approval from another party to authorize the transaction.
Couples can also benefit from a community property because it allows both parties to dispose of their half of the title acquired during their marriage to anyone they please. Those who live with each other as common law spouses can consider real estate that they obtained during their marriage as community property, as well.
Now that you know the options of managing property titles and which methods pertain to your current situation, get a hold of Watts Law Firm so that you can complete a transfer as soon as possible and problem-free.