Closing Property Title With Deed In Allegheny
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FAQ
No. A deed is binding even if it is not recorded. However, for numerous reasons, it is in your best interest to record it. One good reason: the former owner can go on getting mortgages, judgments and suits on your property, since records in the Office would show that he/she still owns it.
A quitclaim deed is often used in divorces, when one spouse gives up any potential community property interest. In addition, a quitclaim deed is used to clear some "cloud on the title." A "cloud on the title" is some minor defect in the title which needs to be removed in order to perfect the title.
A warranty deed offers the strongest protection. It protects the party receiving the property title in case there turns out to be any issues with the title. In a worst-case scenario, the buyer can sue the seller if they find out that the property had any liens or claims against it.
If your title defect involves an unpaid lien, like a mortgage or tax lien, you must resolve it before you can have a clear title. Paying off the debt and obtaining a release of lien from the lienholder will remove this defect. The release of the lien must be recorded with the county clerk to update the public record.
Transferring property in Pennsylvania involves the following process: Determine the deed option you are using. Download and fill out the appropriate forms. Fill out the realty transfer tax forms. Sign the deed in front of a notary public. File the transfer with the office of the Recorder of Deeds.
For the deed to be legally binding, it must be: Signed by the grantor (person transferring the property) Signed in front of or acknowledged by a notary public. Recorded in the Recorder of Deeds office in the county where the real estate property is located.
– Quitclaim Deed: This deed transfers the grantor's interest in the property without any warranties or guarantees. It is often used for transfers between family members where the grantor may not want to warrant the current status of title.
This can only be done by recording a new deed showing the change. Many people think they can simply come into the office and change the present deed on record. However, once a paper is recorded, it cannot be changed. The new deed can be prepared by your attorney, title insurance company or a real estate office.
Deed Transfers in Pennsylvania Determine the deed option you are using. Download and fill out the appropriate forms. Fill out the realty transfer tax forms. Sign the deed in front of a notary public. File the transfer with the office of the Recorder of Deeds.
