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Deed Lawyers New Castle Pa – Introduction
Property deed transfers are a fundamental aspect of real estate transactions, serving as the official record of ownership change.
In Pennsylvania, the importance of a deed transfer cannot be overstated – it not only documents the transfer of property rights but also ensures that all legal requirements are met to validate the change in ownership.
A deed, in its essence, is a legal instrument that, when executed correctly, provides a new owner with the title to real estate, effectively transferring the rights, titles, and interests in the property from the seller to the buyer.
Deed Lawyers New Castle Pa – What should go in a deed?
- Description: A deed should express the description of the property involved. A property will include what is called metes and bounds descriptions. These tell you how far the property extends on each edge and sometimes include entertaining descriptions of the properties such as “from the stone by old farmer Johnson’s tree down to the lake.” Obviously in modern times, we have more precise ways of measuring boundaries, but sometimes these funny and strange descriptions survive into deeds today.
- Parties: Once the deed has been drafted with a deed description, it should also include who it is from and who it is to. This might read, “From Bob Smith, Grantor, to Joe and Sarah Jones, husband and wife, Grantees.” How the Grantees are listed can have profound legal implications.
- Interests: Furthermore, a deed should include the property interest involved. If the property is conveyed to several people, there are three ways they can own it. They can own the property as tenants in common, joint tenants, or as tenants by the entirety. There are advantages and disadvantages to each of these.
- Warranties: In addition, the deed usually lists warranties on the property, if there are any, such as what steps the seller will take if a title dispute happens in the future based on the seller’s ownership.
- Tax Exemption: The deed will also list whether the property is tax exempt or not. Transfer tax is due in Pennsylvania on most transfers of property. This tax is usually 2% of the property value or sales price (whichever is greater), but some transfers are exempt.
- Signatures: Finally, the deed will also have a signature line and require a notary.
Once it is drafted, the deed should be recorded with the register of wills in the county in which the property sits. Property that sits across a county line may need to be recorded in both counties.
Deed Lawyers New Castle Pa – Recorder of Deeds
- Recorder of Deeds New Castle Pa
- 430 Court St
- New Castle, PA 16101
- Monday though Friday 8:00 am to 4:00 pm
- (724) 656-2127
Deed Lawyers New Castle Pa – Costs of Transfer
The filing fees of deed transfers in Pennsylvania 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.
Deed Lawyers New Castle Pa – Jurisdictions
The 50 states follow different laws regarding deeds.
Pennsylvania is a “race jurisdiction,” rather than a “notice jurisdiction.”
Pennsylvania’s law falls under what scholars call a “race jurisdiction.” This means that deeds that are recorded first in time are presumptively valid. In other words, unlike in Monopoly, it doesn’t help to simply have a physical deed; you have to actually record your deed at the Courthouse.
This prevents fraud on future buyers. By being able to run the subject property through a deed search with the County Recorder of Deeds, a buyer (or a title company) knows whether a would-be seller really owns the property they are offering to sell.
The other type of state rule is the “notice jurisdiction.”This allows that one doesn’t have to record a deed—but the deed is still valid against future buyers. Pennsylvania does not follow this rule.
Deed Lawyers New Castle Pa – Conclusion
- Preparation of the deed document. This ensures an accurate reflecting the transfer details.
- Ensuring all parties correctly sign the deed, adhering to state-specific requirements.
- Paying applicable transfer taxes and fees.
- Recording the deed with the local county recorder’s office to make the transfer public record.
