By Sandy Flores
Special to Excelsior
The process of transferring a property is very important for the legal consequences which they originate. There are several ways to do this and is very important advice from a lawyer in such situations to determine the most appropriate and convenient for you.
For various reasons we feel the need to sign different types of contracts are used when a property is transferred, and it is important to know the characteristics of the most frequently used.
Among the most common transfer contracts are:
Transfer Contract (Grant Deed)
Waiver Deed (Quitclaim Deed)
Deed of Trust (Trust Deed)
Through a Transfer Agreement (Grant Deed) property rights are transferred. After you sign the transfer contract and public record, and has no control over the title to the home, and if you live in it you become a tenant with the possibility of being evicted by the new owner.
The Deed of Waiver (Quitclaim Deed) is otherwise similar to the transfer agreement, as it also transfers the interest and rights to the property through voluntary resignation from the time of signing and after its public register.
The Deed of Trust (Trust Deed) is normally used when the property is used as collateral and the commitment that is usually the payment of a mortgage loan, or it can be for a line of credit on your home. If you do not meet their financial obligation secured by his property, then your home is at risk of being foreclosed and sold at public auction.
Consider also that if you include another person in the title of ownership, there is a possibility that your taxes are reasesorados and could increase.
Pursuant to current legislation, the tax assessor has the right to return to recalculate the value of your home and increase property taxes whenever a change that involves transfer of rights occurs. You could end up paying more property taxes every time you make a change or transfer of this type.
Therefore it is important to emphasize that when you have to sign a legal document try to seek advice from a lawyer if you have questions about the legal consequences of signing these documents you might bring. If there is a document for which you do not have enough information, according to their personal opinion, do not sign. If language is confused or does not understand the terminology of this type of contract, do not sign. Keep in mind that it will not be justified if after signing freely says he did not understand the language or terminology used, and therefore can be subject to the specific legal consequences for lack of information.
It’s elementary to know that real estate agents are NOT able to offer any legal advice which corresponds to a lawyer, ublic accountant (CPA) or tax advisor to determine the effects and ramifications that arise with every one of these contracts and / or methods of a property transfer.[contact-form-7 404 "Not Found"]