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A property transfer is a property conveyance from one person to another. It can occur through inheritance, but is usually made by deed of conveyance. “The Free Dictionary” defines a deed of conveyance as a signed, sealed, and delivered legal document showing legal possession of transferred property. The Free Dictionary: Deed of Conveyance NYS Department of Taxation and Finance: Real Property Transfer RP-5217 Filing FeesReferences:
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by Lee_A2171 on February 22nd, 2011
REAL PROPERTY (REAL ESTATE) IS TYPICALLY TRANSFERRED FROM ONE PERSON OR BUSINESS ENTITY (CORPORATION, TRUST, ETC.) REFERRED TO AS THE GRANTOR, TO ANOTHER REFERRED TO AS THE GRANTEE. THE TRANSFER TAKES PLACE BY MEANS OF A CONVEYANCE CLAUSE IN A DEED. THE TRANSFER (CONVEYANCE) OF REAL PROPERTY CAN HAPPEN THROUGH A QUIT CLAIM DEED, SPECIAL WARRANTY DEED, STATUTORY WARRANTY DEED, SHERRIF'S DEED, TRUSTEE'S DEED, ETC. EACH TYPE OF DEED TRANSFERS THE OWNERSHIP INTEREST IN THE LEGALLY DESCRIBED REAL PROPERTY FROM THE "GRANTOR" TO THE "GRANTEE". TYPICALLY THE DEED IS SIGNED BY THE GRANTOR IN FRONT OF A NOTARY PUBLIC AND THEN RECORDED AT THE RECORDERS OFFICE WHERE THE PROPERTY IS LOCATED TO PLACE THE PUBLIC ON NOTICE THAT A TRANSFER OF REAL PROPERTY HAS TAKEN PLACE.
A PERSONAL PROPERTY TRANSFER IS TYPICALLY ACCOMPLISHED BY A "BILL OF SALE" SIGNED BY THE SELLER AND IS NOT NORMALLY RECORDED.
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