transfer of property

How to Transfer Real Estate in South Carolina

Unlike buying or selling a piece of real estate, transferring real estate is a fairly simple procedure that requires a few legal documents, as well as the payment of real estate taxes. In fact, transferring property in South Carolina, as well as most other states, requires only the legal owner's signature on the title and a general warranty deed to convey ownership of the property from the one owner to another. You should have received a warranty deed when you originally purchased (or received) the property; to transfer ownership, you will simply need to file another with the state to show that you will no longer be the legal owner of the property.

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Review the property title to see who is officially listed on it. If your name alone is listed on the property title, you may transfer the property without any trouble. If you share the title of the property with others, you will need their consent – in signature – to transfer the real estate.

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Sign the title over to the new owner in the place that is noted. Real estate titles contain spaces on which the current owner of the property can indicate transference to another owner by signature. You and the new owner will need to sign and date the title in the indicated places to complete the transfer legally. If you have ever sold a car, the process is similar: On the back of the title, there is a place for you and the new owner to sign for title transference. It will be up to the new owner to submit this title to the state to apply for a new title.

Complete a general warranty deed to show the transfer of ownership from you to another. The deed requires that you provide the following information: the official value of the property (as indicated on your property tax records); your name and the name of the new owner; the location of the property (city and county) and a description of it (check tax records again); signatures from you and the new owner; and notarization.

Pay the real estate transfer tax as levied in South Carolina.

Use a real estate lawyer to help you through the process of transferring real estate. While the process itself is fairly simple, the real estate lawyer can review all documents to ensure that the transfer is completed correctly. Failing to complete a legal transfer can make you liable for the property without even realizing it.

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Property transfer process and fees

Here's where to start when transferring your property to someone else..

In this guide

• What is the process for transferring the property to someone else's name?

What kind of paperwork will I need?

What is a quitclaim deed vs. a warranty deed, what is a joint tenant vs. a tenant in common, compare legal services, what fees could i potentially pay, how to avoid fees and charges when transferring property, does transferring the property to someone else’s name affect the mortgage, can i cancel my property transfer quitclaim deed once it’s signed, bottom line, frequently asked questions.

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The process of buying and selling property can be confusing, and transferring property comes with its own set of rules and requirements.

If you own real estate and want to transfer it to someone else, you’ll need to change the title on the deed to reflect that. There are two main ways to do this — a quitclaim deed and a warranty deed — and the one you choose depends on who you’re transferring the property to, why you’re doing it, and what kind of tenant you are.

What is the process for transferring the property to someone else’s name?

To transfer property smoothly and successfully, follow these steps:

• Discuss the terms of the deed with the new owners. This involves clarifying tenancy between the property owners. Will it be a joint tenancy or a tenancy in common? Most family members prefer to hold property as joint tenants with right to survivorship. This allows the property to pass to the remaining owners without an expensive probate.
• Hire a real estate attorney to prepare the deed. While you can technically do this yourself, it can be complicated, especially if you’re preparing a warranty deed. The deed needs to be accurate, so it’s worth investing in an attorney to guide you. The deed includes personal details about you and the family member to whom you’re transferring your title. It also has a legal description of the property — you can use the description in the government plats or your original deed, if you have access to it.
• Review the deed. Read over the deed and double-check that all information is accurate and complete. Be sure that the seller and buyer have entered their full legal names and correct addresses, and pay special attention to the legal description.The form will have blanks for signatures, but don’t sign these yet.
• Sign the deed in front of a notary public, with witnesses present. The deed must be signed by all sellers in front of a qualified notary public and any other witnesses required by your state’s law. It then needs to be notarized with a signature and seal. The buyer doesn’t have to sign anything.
• File the deed on public record. To complete the property transfer, take the deed to the local county recorder’s office to be filed. This is called “recording the deed,” and failing to follow through with this step can cause problems later on because no one would know about your relative’s claim to the property.At this point, you may need to pay fees and taxes associated with the deed. By the end of the day, the county should have the buyer on file as the new owner.

When you’re transferring ownership property, you’ll typically need to fill out two forms:

• A quitclaim deed form. This asks for the value of your home, location of your home and a legal description (property dimensions and boundaries) of the property.
• A preliminary change of ownership form. If you’re the owner who’s intending to keep the property, you’ll complete this form.

You can get these forms from your county recorder’s office.

What is the difference between a grantor and a grantee?

The person transferring property ownership is the grantor, or the seller. The person receiving it is the grantee, or buyer.

To sign over property ownership to another person, you’ll use one of two deeds: a quitclaim deed or a warranty deed.

Quitclaim deed

This transfers any ownership interest the grantor (seller) has in the property, but it doesn’t make promises about whether the title is good and if anybody else owns the property. Basically, it says, “I’m transferring you whatever interest I have in this property, but I’m not guaranteeing anything about this claim.”

When you sign a quitclaim deed , you’re effectively giving up — aka quitting — your claim or rights to the property. No money or warranties are exchanged, so it offers a pretty low level of buyer protection. Since they’re risky, quitclaim deeds are usually used to transfer property among family members or between spouses after a divorce. They’re also used to clear up title issues, transfer property to a trust and gift property to someone.

As a seller, it safeguards you from being sued by your family member, spouse or future buyer later if it turns out there’s an issue with the deed or you didn’t have full ownership of the house.

Quitclaim deeds are often, mistakenly called “quick claim” deeds for their speed and simplicity. While that’s incorrect, it’s useful when trying to wrap your head around the concept.

Warranty deed

This property transfer comes with legal assurances. It states that you, the seller, have the right to transfer the property and explicitly says that nobody else owns it. It also asserts that there are no debts or liens on the property. In other words, a warranty deed says, “I promise that I’m the rightful owner of this property, and the title to it is good.”

Warranty deeds are typically used for real estate sales. They legally protect buyers from title challenges. Unlike quitclaim deeds, someone who signs a warranty deed knows they won’t face unpaid taxes or creditor liens later down the line.

They’re both forms of property co-ownership. When two or more people purchase property together, the attorney asks how they will hold title: as joint tenants or tenants in common.

Joint tenants have equal shares of the property with the same deed and at the same time. This type of holding title is common between married couples and family members. It can be broken if one of the tenants transfers (or sells) their interest in the property to another person. At that point, the title is converted to a tenancy in common.

With tenancy in common , the owners may have different ownership interests. For instance, Tenant 1 might own 50% of the home, while Tenant 2 and Tenant 3 each own 25%. Tenancies in common can also be granted at different times. To use the same example, Tenant 3 might obtain interest in the property years after the others signed off on the title. A tenancy in common can be broken if one or more of the co-owners sells their stake or buys out another tenant’s interest in the property, or if the property is sold.

While joint tenants and tenancy in common are similar in that the co-owners have rights and duties to the property, the key difference revolves around what happens when a co-owner dies.

When a joint tenant dies, their interest in the property is automatically — and equally — transferred to the surviving owners — the right of survivorship.

Tenants in common have no rights to survivorship. They don’t inherit any shares after a co-owner’s death. The deceased tenant’s interest in the property passes to their heirs or the people named in their will.

Transferring your rights to a property doesn’t mean you’re off the hook with fees and charges. While they vary between states, be prepared to pay the following fees:

• Transfer tax. The seller typically has to pay a transfer tax on the property, which is imposed by the county. The tax you’re charged depends on your county, but it’s usually around 1% of the home’s purchase price. However, if the county reassesses the value of your property at the time of transfer, the person taking over ownership may end up paying higher property taxes.
• Deed preparation fee. This covers the costs of drafting the document that transfers the title from the seller to the buyer. Usually, the seller pays this fee at closing, but it’s not unusual for buyers to pay the attorney directly.
• Gift tax. If you’re gifting the property to someone, like a child, you’ll have to pay a gift tax to the IRS. The IRS uses current market data to assess the value of the gift, or property. As of 2018, individuals are allowed up to $15,000 annually in nontaxable gifts, and married couples can gift $30,000 without being subject to the tax. The estate and gift tax limit is $5.6 million for individuals and $11.2 million for married couples.
• Title insurance. Buyers sometimes purchase title insurance. This protects them from any issues with the home’s ownership history later on. Also, sellers often buy a title policy for the new homeowner, which typically costs between $500 and $1,000.
• Recording fees. When you file your deed with the county recorder’s office, you’re charged a fee. This is based on the value or sale price of the property, as well as the number of pages and documents. Typically, the buyer pays this fee upon filing.

There are two situations where you may be able to skirt fees and charges.

Transferring property in a state that doesn’t charge transfer taxes.

If the property you’re transferring is located in one of these states, you won’t have to pay a transfer tax:

• Mississippi
• North Dakota

Using the annual gift tax exclusion to your benefit.

The IRS imposes a gift tax on those who gift property to their kids or family members. However, the annual gift tax exclusion is $15,000, which means that if you and your spouse join forces, you can transfer up to $30,000 in assets without triggering the tax. The estate and gift tax exemption is capped at $5.6 million for individuals and $11.2 million for married couples.

Under these rules, the gift tax is charged based on the value of the home minus the exclusion amount.

No, transferring a deed to another person doesn’t remove your responsibility to pay the mortgage on the property. As the original owner, you’re still obligated to make the payments to your lender — even if you’re divorced and don’t have interest in the property.

The only way to free yourself from the mortgage is if the new owner is approved for a loan to pay off your lender’s lien on the property.

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No, once the quitclaim deed is signed, notarized and recorded with the county office, it’s a legally binding document. You can’t cancel it unless you can prove in court that the deed was the result of fraud, threats or illegal pressure. If you go down that route, you’ll need an attorney.

While a quitclaim deed can’t be nullified, if the seller agrees to take back the property, the buyer can draft and file a new quitclaim deed. This voids the first deed and returns the property back to the original owner.

Your property is an asset, and transferring ownership can be time consuming. There are a few paths to take, but quitclaim deeds are commonly used to turn over any interest you have to a trusted person, like a family member or friend.

To learn more about the ins and outs of property ownership, check out our comprehensive guide to mortgages .

Are there gift tax implications of putting children on a quitclaim deed?

Yes. If they’re not paying you for the property, that means you’re giving them a gift. The IRS imposes a tax on almost all gifts given during the tax year, so you’ll have to file a gift tax return that states you’re transferring interest in your home to your children. As of 2018, the annual gift tax exemption is $15,000 for individuals and $30,000 for married couples. The estate and gift tax limit is $5.6 million for individuals and $11.2 million for married couples.

The gift tax is based on the home’s fair market value.

Who pays the gift tax on a quitclaim deed?

The gift giver pays the applicable gift taxes, not the receiver. In other words, as a parent, you’ll owe the IRS a gift tax if you add your children to a quitclaim deed.

Is it possible to transfer a deed to your house to your children before you die?

Yes, you can legally transfer the deed to your house to your kids before you die. To do this, you’ll need to sign a deed transfer and record it with the county recorder’s office. The most common is the quitclaim deed, but some parents opt for a “transfer on death” deed, which comes into effect after you pass away.

Can you transfer the deed to a house with a mortgage?

Yes, although you may still be responsible for the mortgage payments. To get rid of that obligation, the new owner has to apply and be approved for a loan to pay your lender.

Katia Iervasi

Katia Iervasi is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in insurance. Her writing and analysis on life, disability and health insurance has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. She holds a BA in communication from Australia's Griffith University.

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4 Responses

Can my daughter and her new husband purchase her fathers house without an attorney and closing costs. He will be holding the mortgage for her.

Thanks for your comment and I hope you are well.

As transferring property is very detail-oriented and an attorney may immensely help in understanding the process, your daughter and her husband can choose to not consult with an attorney for as long as they are educated well with the process of transferring property and fees.

Hope this helps and feel free to reach out to us again for further assistance.

Best, Nikki

My daughter Died and I am in charge of her estate she has a fixer upper that needs repairs all over the house I would like to move in the property and so I would like to know how much would it cost for a Deed-transfer and can I pull any equity out of the house once it’s appraised?

Hi Anthony,

Thanks for your message. I am very sorry to hear about your daughter’s passing. The list of fees that you could potentially pay is indicated on our page and the final cost will depend on your state and the assessment of a property expert. He would also be able to inform you if you can pull out equity after the property’s appraisal.

Hope this helps!

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How to Transfer Real Estate Property

Last Updated: October 8, 2022 References

This article was co-authored by Clinton M. Sandvick, JD, PhD . Clinton M. Sandvick worked as a civil litigator in California for over 7 years. He received his JD from the University of Wisconsin-Madison in 1998 and his PhD in American History from the University of Oregon in 2013. There are 12 references cited in this article, which can be found at the bottom of the page. This article has been viewed 47,456 times.

You can transfer real estate by completing a deed. A deed is a legal document which describes the property being sold and must be signed by the sellers. To begin the transfer of real estate, the seller should find a blank deed form and get the legal description of property. Although you usually don’t need a lawyer to transfer real estate property, you should contact an experienced real estate lawyer if you have questions.

Drafting the Deed

• Warranty Deed. With this deed, the seller guarantees that he or she owns the property being transferred. [1] X Research source If the seller does not actually hold title, then the buyer can sue for compensation. A warranty deed provides the buyer with the most protection. You should use it if you don’t know the seller. [2] X Research source
• Quitclaim Deed. With a quitclaim deed, the seller transfers whatever interest in the property that they own. However, the seller does not promise that it actually owns the title to the property. [3] X Research source Because quitclaim deeds provide less protection, they are usually used to transfer property between family members or between close friends.
• Grant Deed. With a grant deed, the seller promises that the title hasn’t been transferred to someone else. [4] X Research source Grant deeds are not available in all states.

• If you don’t have a copy of the deed in your possession, you should go to the Recorder of Deeds office in your county and get a copy.
• The description of property will be listed under “Legal Description” or “Description.” The property will usually be written as metes and bounds, which usually begins with the following language: “Commencing for reference at the dividing line between the City of.…” [5] X Research source

• You can get the tax number from your property tax bill or by visiting the local tax assessor’s office.

• Your county town office. You can stop in and ask if they have a blank deed form available.
• Online. There are many deed forms online. You should look for a copy from a reputable source, such as a bar association of attorneys or from your county government.
• Books. There are books or compact discs of legal forms for sale at many retailers. They often have blank deed forms you can use.

• The form should read something like the following: “This deed, made on June 1, 2015 between Michael J. Smith (‘Grantor’) and Alice K. Jones and Adam Y. Jones (‘Grantees’).”

• Language to create a tenancy in common would read: “Grantor, for a valuable consideration, conveys to Grantees, Alice K. Jones and Adam Y. Jones, as tenants in common, the following described real estate, together with rents, profits, fixtures, and other appurtenant interests, in Dane County, State of Wisconsin (‘Property’):”
• Sample language: “…to Grantees, Alice K. Jones and Adam Y. Jones, as joint owners with rights of survivorship, and not as tenants in common.…” [7] X Research source
• Sample language: “…to Grantees, Alice K. Jones and Adam Y. Jones, husband and wife, as tenants by the entirety, and not as tenants in common….” [9] X Research source

• If you use an attachment, clearly label the piece of paper “Attachment A.”
• Make sure that you describe the property accurately. Have someone else look at the description on the current deed and the description you have typed into the transfer deed. If the description is different, then the deed will probably be invalid.

Executing the Deed

• You can get a referral to a real estate lawyer by calling your local or state bar association and asking for a referral.
• You should be particularly careful when trying to transfer a deed to a couple as joint tenants. The law in this area is fairly complicated, and you could benefit from a lawyer’s advice. [10] X Research source If you don’t want to pay for the lawyer, then the buyers could pay for the lawyer to look over the deed.

• To find out if you need witnesses, you should read your state’s law. It should be published online. You can search by typing “your state” and “real estate transfer witnesses” into your favorite web engine.
• You can also stop by your county manager’s office and ask if they know whether you need your deed witnessed.
• If you get a printed form from the county, then check if there are signature lines for witnesses. If there are, then you should get witnesses.

• You can also find a notary by visiting the American Society of Notaries website and using the Locator function. Type in your address to find the nearest notary. [14] X Trustworthy Source American Society of Notaries Non-profit organization providing education, training, and supplies to notaries in the United States. Go to source
• If the property is owned by more than one person, then all owners must sign the deed. To make things easy, you can all go to the notary public at the same time.

• All people who are signing the deed need personal identification.
• You should expect to pay the notary a small fee for his or her services.

Recording the Deed

• County Recorder’s office
• Land Registry office
• Registrar of Titles
• Register of Deeds

• You will have to pay a fee in order to record the new deed. [16] X Research source You should call ahead and ask the clerk the amount and acceptable methods of payment.

• Each state has its own rules on who pays the transfer tax. In some states, such as Maine, the tax is divided equally between the grantor and the grantee.
• In others, like New York, the grantor pays the tax. [18] X Research source

• If you don’t receive a copy of the deed after eight weeks, you should call the Recorder’s office and ask.

Expert Q&A

You might also like.

• ↑ http://realestate.findlaw.com/selling-your-home/transferring-property.html
• ↑ https://www.ohiobar.org/forpublic/resources/lawyoucanuse/pages/lawyoucanuse-262.aspx
• ↑ http://realestate.findlaw.com/buying-a-home/what-are-property-deeds.html
• ↑ http://www.southportland.org/files/5913/9284/4487/08_-_Deed_into_City_for_Elderberry_Circle_01-24-14.pdf
• ↑ http://www.nolo.com/legal-encyclopedia/joint-property-concurrent-ownership-32229.html
• ↑ https://www.asnnotary.org/?form=locator
• ↑ http://www.sec.state.ma.us/rod/rodfees.htm
• ↑ http://www.ncsl.org/research/fiscal-policy/real-estate-transfer-taxes.aspx
• ↑ https://www.tax.ny.gov/bus/transfer/rptidx.htm
• ↑ https://www.realtor.com/advice/finance/transfer-real-estate-deed/

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If you transfer property to a family member, what are the tax implications?

Editor’s Note: Transferring property to a family member could have tax consequences. It depends on the scenarios. Read on as we dive into a few common scenarios if you give property to a family member.

Real estate transfers are common among family members. Whether it’s to pass down your legacy to loved ones or a part of an estate planning strategy, these transactions happen for many reasons. While property transfers can be useful to accomplish a particular goal, not all taxpayers consider the tax consequences.

There are other non-tax related issues to consider before attempting the property transfer by deed, will, or trust. Thus, here are common property transfer scenarios between family members and the respective tax implications:

Family property transfer: Adding a joint owner

You add another family member to the deed as a joint owner of your home so that it will pass to them automatically upon your death.

TAX CONSEQUENCE

Adding a family member to the deed as a joint owner for no consideration is considered a gift of 50% of the property’s fair market value for tax purposes. If the value of the gift exceeds the annual exclusion limit ($16,000 for 2022) the donor will need to file a gift tax return (via Form 709 ) to report the transfer. However, they will not likely owe gift tax due to the unified gift and estate tax exemption, which is $12,060,000 for 2022. Additionally, each owner will have to adjust their basis in their respective ownerships interests on the date of the transfer.

When one of the owner(s) of the property die, the decedent’s personal representative must include the fair market value of the decedent’s ownership interest in the gross estate for estate tax purposes. The surviving owner receives the decedent’s ownership interest with a stepped-up basis equal to the inherited property’s fair market value (generally the same amount included in the decedent’s gross estate). The surviving owner combines the stepped-up basis in the inherited portion with the basis received at the time of the gift to determine their total adjusted basis in the entire property. (Basis is used to determine gain or loss when the home is later sold.)

Adding a family member to the deed while retaining a right to use the home exclusively for the rest of your life has different tax consequences. This situation results in the creation of a life estate, which is discussed next.

Family property transfer: Gifting real estate

You give a real estate property to a child or grandchild.

If you give a plot of land to your child or grandchild, it’s considered a gift in the eyes of the IRS. Real estate gifts to a child or grandchild aren’t tax deductible. You can’t claim a loss, even if the paperwork shows you sold the property for $1 or another nominal amount. So, the tax issues relate to the nature of expenditures, not savings.

For example, if you gift land worth $500,000 and you do not receive anything of that value in return, there are tax implications for the donor. The IRS allows you to give $16,000 (for 2022) annually to anyone you like, tax-free. If you’re married, you and your spouse can each give $16,000 (for 2022). However, if the value of the gift exceeds the annual exclusion amount, you, as the donor, must file a gift tax return (Form 709) to report the gift. As discussed earlier, you will not likely owe any gift tax if you have not yet used up your unified gift and estate tax exemption.

While you may think you can fly under the radar with real estate transactions, this is not the case. Do your research on property transfers so you can plan ahead from a tax perspective.

Get started with  filing taxes online or with an  H&R Block tax pro , we’re here for you.

Disclaimer: If you are considering transferring property to family, talk to an attorney licensed in your state with expertise in real property transfers.

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