So why is this important? Commonly known as “deeding” property, it is done for a variety of reasons, from the elderly wanting to give a piece of property to one or more heirs prior to death, to individuals wanting to put a piece of property into the name of their business. Property gets conveyed throughout Alabama hundreds of times a day. And the only want to transfer ownership of a property is to sign over a deed to that property.
Since a deed is required, this also means that once a property has been conveyed, you can’t undo the conveyance by simply tearing up the deed or making a quick alteration to it. It would need to be “deeded” back to the original person, or “deeded to” another person. So, its important to get it right the first time.
Once a deed has been signed and delivered, the deed itself is usually recorded in the local Probate office. This allows the rest of the world to know that the conveyance has actually occurred. This helps prevent a person from selling the same property to multiple people at multiple times. The original, then, loses most of its importance, as the world relies not on it, but upon the copy at the Probate office to determine who owns what.
There are several types of deeds that be created. The two primary types of deeds are a warranty deed and a quitclaim deed. The warranty deed, as the name indicates, includes a variety of promises, or warranties, with it, and helps ensure that the property you are buying will be yours to use and enjoy. If people break their promises, then you may have to address that with them. For example, a common promise as part of a warranty deed would be that the seller actually owns the property. One would think that would be obvious, but alas, it isn’t always that way. A quitclaim deed, on the other hand, doesn’t include those same promises. Instead, it simply says that the seller is conveying any interest he or she has in the property to someone else.
There are many nuances with conveying properties, so we recommend you speak with an attorney (preferably us) to discuss those issues. Though not the most complicated thing in the world, there are enough issues that come up with these types of transactions, that it would be well worth your time (and money) to seek counsel with this in order to ensure things work well.
Please contact our office if you need to convey a piece of property, whether it’s personal/residential or commercial. We are here to help!