If you own property, you should never overlook proof of ownership. You should always have these documents available to you. Although, they become especially useful if you ever decide to sell your property.
Having the correct real property documents is the best way to legally support your rights to any real estate. When we’re referring to “real property” in this context, we’re describing your interests and rights associated with the property, any structure or buildings that exist on the property, and the natural land.
Warranty & Quitclaim Deeds
There are a few different documents related to proof of ownership, and one of the most prominent is warranty deeds. On this document, you’ll find the name of the property, alongside a short description. The warranty deed must also be signed by the previous owner, or whichever party has granted you rightful ownership over the property.
Quitclaim deeds are another kind of property deed, although these aren’t quite as common as warranty deeds. Although this document proves that a particular party has ownership over the property, they also indicate that the current owner has exclusive rights over specific parts of that property.
Other Documents to Prove Ownership
Still, warranty deeds and quitclaim deeds aren’t the only kinds of documentation that can be used to prove ownership. Other possibilities include the bill of sale (to demonstrate the transfer of ownership), mortgage notes, and deeds of trust. Some of these documents will be required in particular states, so it’s important to check your local laws before proceeding.
What Happens If I Don’t Have Proof of Ownership?
While you don’t have proof of ownership, you have no way of demonstrating that you have legal rights to a property. This can become especially complicated if you’re looking to sell, since most homebuyers will want you to demonstrate that you own the property that they’re looking to purchase.
Should you ever misplace a property deed or proof of ownership, make sure to have it replaced as quickly as possible – even if you’re not looking to sell your property in the near future. You don’t lose ownership over the property as soon as you lose these essential documents, although this could pose serious risks for your rights over the real estate in question.
If you’re in need of a new property deed, your first step is to head down to the office of your local county clerk. There, you’ll be able to receive a new deed and have it notarized.
For more information on warranty deeds, quitclaim deeds, proof of ownership, and more, get in touch with us today.