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Real estate transfer taxes are a one-time fee imposed by state or local governments on the transfer of property ownership. The cost of transfer taxes varies by location and is based on the sale ...
This transfer, or assignment, is usually only allowed when the mortgage is assumable, says Rajeh Saadeh, a Somerville, New Jersey-based real estate attorney. When transferring an assumable ...
In the transfer of real estate, a deed conveys ownership from the old owner (the grantor) to the new owner (the grantee), and can include various warranties. The precise name and nature of these warranties differ by jurisdiction. Often, however, the basic differences between them is the degree to which the grantor warrants the title.
Private transfer fee covenants are filed in the real property records of the county in which the real property that is to be made subject to the fee is located. The instrument is typically styled "Declaration of Covenant", "Covenants, Conditions and Restrictions", or similar, and is executed by the property owner, known as the "Declarant".
A quitclaim deed may also be used to transfer title of a property to a purchaser following a foreclosure auction. Typically such a deed will not warrant that the property title is free and clear , and it remains up to the grantee to check that the property is not subject to any legal encumbrances .
When the trust owner dies, the trustee can transfer property out of the trust by using a quitclaim or grant deed transferring ownership of the property to the beneficiary.
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