Transferring Property to Children

People spend their lives trying to own and maintain property, but when they get old they can decide to transfer this property to their children so that the future generations can benefit from it. If you wish to transfer property to your children, it is your duty to divide the property in a way which is acceptable to all concerned parties.

The first thing you need to take care of is to check whether the property still has a mortgage or not. If the mortgage has not been paid in full then the child receiving the property will have to pay off the mortgage, which could be done by getting a loan from a bank before the completion of the transfer.

You can opt to complete a quitclaim deed, which is also known as a deed of release. This deed is used to transfer ownership from one party to another. These deeds can be completed quickly and are ideally used when transferring property among family members.

It is important that once the deed is written according to your wishes you sign it in the presence of a licensed lawyer. He/she will then have to sign and stamp your deed with a seal as proof that he/she was a witness to this signing.  In some countries additional witnesses may be required for the authenticity of the deed. These deeds cannot be considered valid until and unless they are stamped by a witnessing lawyer. This process reduces the possibility of any discrepancies in the deed and is usually acceptable to the concerned parties.

The deed then needs to be filed casino spiele with the land records office, this is done to finalise the transfer of the property in the local records. This step carries high importance as without it the local authorities will have no record of the property being transferred to another person and legal disputes might arise later on.

Once the deed gets registered, it can then be sent to the former owner, the new owner or both parties. It is recommended that the child should follow up with the paper work and contact the records office to make sure that the deed has reached them and is being processed.

A small amount of fee may have to be paid to the recorder”s office for the filing of the deed. This is a minimal amount and should be paid in full by the owner of the deed.