A deed is the legal document that establishes ownership of a piece of real estate. Most buyers cannot purchase a home outright and take a mortgage instead, and until the mortgage is paid in full the bank holds the deed. When the time comes to sell, the deed has to move from the current owner to the next one without imperfections, and the details that make a transfer clean are easy to miss in the excitement of a closing. We draft and file deeds for property transfers throughout Philadelphia and the surrounding Pennsylvania counties.
Lead attorney on every case we take, backed by a dedicated legal team you work with directly.
The type of deed matters as much as the mechanics. In Pennsylvania most residential transfers use a warranty deed, in which the seller makes a legally binding promise that the property is good and marketable, meaning free of defects such as liens or third party claims. A quitclaim deed is different: an as-is transfer in which the current owner takes on no obligation to protect the buyer against third party entanglements. Those properties tend to be cheaper, and they carry more risk. Understand which deed you are getting before you agree to the sale.
When the proper procedure is not followed, a third party can later claim a legal right to the deed. A single owner can convey the same property to two different people, each transfer good on paper, and the question of who actually owns it becomes a lawsuit. Out of state transfers and complicated title exchanges raise the same risk. We examine what you are trying to accomplish, gather the records the transfer requires, and handle the drafting and filing so the transfer holds up.
A deed is a legal document that explains the ownership of a piece of real estate or a piece of property. When you go to purchase a home, you typically cannot buy the home outright. You must go to a bank to obtain a mortgage. Until a homeowner pays the mortgage in full, the bank holds the deed. Once you have the deed in your possession, you might want to sell the property. By doing so, the deed must be legally transferred from the current owner to the future owner without imperfections.
The filing fees will depend on:
Who the parties are
The value of the property
Whether the filing is tax exempt
These filing fees do not include attorney fees for the drafting of the documentation.
In most cases you will need to have a deed drafted who is transferring the property and to whom, and the legal description of the property. When you go to purchase a home, you typically cannot buy the home outright. You must go to a bank to obtain a mortgage. Until a homeowner pays the mortgage in full, the bank holds the deed.
Once you have the deed in your possession, you might want to sell the property. By doing so, the deed must be legally transferred from the current owner to the future owner without imperfections. This is why it is important to have an experienced attorney draft and file the deed on your behalf.
At Freundlich & Littman, LLC we are your dedicated and experienced deed transfer attorneys. We handle deed transfers, property transfers, and other issues related to deeds. The manner in which a deed transfers owners is important. One false move could void the transfer. Legal counsel is often necessary for out of state deed transfers and complicated title exchanges.
Types Of Deeds
A second and equally important reason to have legal counsel is the type of deed. Not all deeds are the same. Deed transfers are more complicated than a simple exchange of a property and a piece of paper. That single piece of paper can have ramifications for current and future owners if not executed properly.
Take note – you must understand the type of deed transfer before agreeing to the sale. Otherwise, the implications shock you down the road.
Warranty Deeds: In Pennsylvania, most people complete housing and other real estate transfers via a warranty deed. As a buyer, this deed is useful. The warrant deed, as the name suggests, provides a warranty on the property. The current owner makes a legally binding promise that the property is “good and marketable.” This means that the property is free from defects. Defects include liens against the property or third party claims to the deed.
Quitclaim Deeds: These deeds are common among real estate transfers. Often, sellers list homes subject to liens, heavy mortgages, or foreclosure as “as-is.” This distinction is another name for a quitclaim deed. This means that the current owner holds no legal obligation to the future owner. They have no obligation to protect against third-party entanglements. This dead is not as safe for prospective homeowners. The plus side is that these home tend to be less expensive.
PA Deed Transfer Attorneys
Freundlich & Littman is your local greater Philadelphia area deed transfer attorneys. A deed transfer is a delicate and exciting part of a homeowner’s life. In the excitement, the proper legal procedure is not always followed. This means that a third party may claim a legal right to the deed.
For instance, a deed holder could transfer to both of his sons solely and without each other knowing. Both transfers were good on paper. Who then gets the property? This situation is more common than you can imagine and complicated. We specialize in complication. Let us handle your deed transfer issues. We work hard so that our clients do not have to worry.
Contact us today for a free consultation and case evaluation.
