In addition, a supplemental tax at the rate of $1.50 per $500.00 of the transfer price, or fraction thereof, shall be imposed on transfers taking place on or after April 1, 2008, for the purpose of providing financial assistance to the Chicago Transit Authority (“CTA”). The tax shall be at the rate of $3.75 per $500.00 of the transfer price, or fraction thereof, of the real property or the beneficial interest in real property.
#REAL ESTATE CONVEYANCE HOW TO#
If you have questions regarding how to properly transfer or receive title to real estate in Colorado, call our attorneys today.A tax is imposed upon the privilege of transferring title to, or beneficial interest in, real property located in the city, whether or not the agreement or contract providing for the transfer is entered into the city. As such, we suited to answer any questions or concerns regarding property conveyances in Colorado. The attorneys at Arant Law have over thirty years of experience with real estate deeds and conveyances. In Colorado, delivery and acceptance is assumed when a deed is acknowledged and recorded. The grantor must deliver the deed to the grantee (person purchasing property) and the grantee must accept delivery. The grantor (person conveying the property) must sign the deed. While specific words are not required, a deed must convey the intention to transfer title. The parties most commonly use a legal description. The deed must appropriately describe the transferred property. A deed must specifically name the person who is conveying the property interest. A deed must state the consideration, or value, given for the real estate. 38-30-113, a valid deed contains the following seven elements A bargain and sale deed does not create any warranties of title from the grantor to the grantee. Bargain and Sale DeedĬonveys the property as well as any after acquired title thereto, as compared to the quitclaim deed that does not grant any title after acquired. It does not grant nor does it convey any title after acquired. The grantor makes no warranty as to ownership. This type of deed is different than the general warranty deed by the degree of protection or the level of guarantee that the grantor warrants/promises to the grantee.Ĭonveys whatever interest the grantor has if any. Warrants the title only against title defects during the time the grantor actually owned the property.
The grantor warrants the title conveyed by the grantor to the grantee of the real property against any defects that existed before the time that the grantor acquired title as well as warranting during the time that the grantor owned the property.
Common Deeds in Colorado General Warranty Deed Most commonly used to transfer real estate, a deed legally transfers ownership and possession from the seller to the buyer. What is a Real Estate Deed?Ī deed is a legal document used to transfer ownership of property from one person to another. Now, instead of dirt, legal documents called “deeds” convey title to real property. This dirt signified true ownership and transferring title to the buyer. Years ago, when real property changed ownership, the seller brought the buyer a handful of dirt from the property. If you have questions regarding how to properly transfer title to real property in Colorado, our attorneys can answer any questions or concerns you may have. The attorneys at Arant Law are experienced with all aspects of real estate deeds and conveyances.
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