There are multiple ways to hold the title to property, and various types of deeds are available. Titles and deeds are central to buying and selling real estate.
A New Bedford title and deed lawyer can help you navigate any disputes, questions, and challenges that may arise in both commercial and residential real estate transactions. Having an experienced real estate attorney by your side can help matters proceed smoothly and ensure that legal compliance is not a concern at any stage.
When a person or entity has the title to a piece of residential or commercial property, they have the legal right to own it and use it as they see fit. A title revolves around the concept of ownership. It is not a physical document but the concept that one party owns a specific property.
When a person buys a property, the title typically transfers to their name unless they use a business structure, such as a corporate entity, to purchase the property. Otherwise, there are several ways to hold the title to a property that become relevant when multiple people purchase a single property.
For example, taking a title as tenants in common means the owners jointly own the property. The percentages of ownership may be equal or unequal, but all elements associated with the use of property are shared by the individuals named on the title. Moreover, each owner’s interest in that title may be passed down through inheritance or transferred to another person at any time without the consent of the other tenants.
A different way to hold the title to a property is as joint tenants with rights of survivorship. In this case, the percentages of ownership must be equal for each party. When one owner dies, their interest is automatically transferred to the other tenant and does not go through probate. This is known as the right of survivorship. Either tenant can sell their interest to someone else at any time without the other tenant’s permission. However, doing so would disrupt the right of survivorship and end the joint tenancy.
Finally, title can be held by married couples as tenants by the entirety. Tenants by the entirety each own the complete interest of the property. The death of one party means the other owner automatically receives the decedent’s share. Neither party can sell their interest without permission from the other.
A New Bedford attorney can advise on the different ways to hold a title that best suit a particular situation and answer questions about deeds or other real estate concerns.
The title to a property refers to a party’s ownership and right to buy or sell that property, and a deed is the actual physical document affirming that legal right. The deed features a range of provisions and details about who bought the property, who sold it, the address, and the date of the transfer of the title. Electronic copies can be accessed online at the appropriate county registry of deeds and hard copies can be requested from the registry in the county where the property is located.
A New Bedford attorney could draft and review three primary types of deeds: warranty, quitclaim, and release. A warranty deed accomplishes several goals, including ensuring there are no liens on the property, the seller or grantor has complete ownership of the property, and that they have the right to transfer the title.
A quitclaim deed covers any potential title claims that may arise during the period of the grantor’s ownership and makes guarantees for that time frame. A warranty deed includes guarantees for the period before the grantor’s ownership. Release deeds do not contain guarantees and only transfer the title to the property.
A New Bedford title and deed lawyer could review purchase and sale agreements, conduct title searches, and negotiate contracts to protect buyers’ interests. An attorney can also handle all legal paperwork, resolve title issues through negotiation or litigation, and assist with financing and mortgage documents.
Our firm regularly manages a wide range of transactions for both residential and commercial clients dealing with multiple parties, properties, and complex contracts. To discuss legal representation for your real estate matter, contact our office today to speak with an attorney in a confidential strategy meeting.
