Transferring Ownership after Winning Real Estate at Our Online Auction Site
After you have won an auction for the purchase of government real estate through our online auction site, we will email you payment instructions and a form to provide us with vesting information, , including the full names (no initials allowed) of the individuals to be recorded on the deed, full address, marital status, title and tenancy for the property, whether it was from a seized property auction or foreclosed land.
As soon as we receive your payment and vesting information, we will begin processing the paperwork related to the transfer of ownership. It usually takes approximately 6 to 8 weeks to prepare and complete all of the paperwork.
Finally, we will deliver your documents by FedEx or UPS. Once you receive the deed you are the official owner. The package will contain the property deed and information on how to record the property (enter it into public records) in the specific county in which the property is located. We cannot record the property for you; you must do this yourself. It is essential for you to record the property so that you are registered as the new owner and assume the next years’ property taxes that will be due.
Vesting Information
Vesting refers to how you will be taking title. Every circumstance is different and many states have unique laws regarding transfer of ownership of real property. The form of title will have legal consequences. If you have questions, you should consult a qualified legal advisor. We will generate your title based on the information you provide, and you will bear the responsibility for correcting any errors in the information submitted.
Methods of Holding Title
- Sole Owner: ownership by a single individual or other entity
- Co-Ownership: ownership by two or more persons
- Legal Entity: ownership by a legal entity, such as a corporation or trust
Taking Title as a Sole Owner
Taking title as a Sole Owner generally requires you to describe your personal legal status. For instance, you will need to state whether you are single, married, divorced or unmarried (previously married and now legally divorced).
Should a married person choose to take title by Sole Ownership, you should indicate that you are married taking title “as his/her sole and separate property.” In most cases, your spouse will be required to relinquish claim to the property.
Taking Title with Co-Ownership
The most common forms of vesting for two or more persons are:
- Community Property: property owned by a husband and wife during their marriage. The property is owned equally, and either spouse may dispose of one-half of the property by sale or by transfer.
- Joint Tenancy: property owned by more than one person who may or may not be married to each other. Each co-owner holds an equal interest in the property, subject to the right of survivorship by the surviving joint tenant(s). When one joint tenant dies, title is passed to the remaining joint tenant(s), and rights to the property do not pass to the heirs or beneficiaries of the deceased owner.
- Tenancy in Common: property owned by two or more individuals in undivided fractional interests. Each tenant in common owns a share of the property (the shares may be unequally distributed among the tenants in common). Each tenant in common may transfer his or her share of the property (for instance, by sale or by will).
Taking Title as a Legal Entity
As with Sole Ownership, taking title as a Legal Entity generally requires you to state the form of entity. The county may require you to submit documentary evidence showing the name of the entity and that the party executing documents for the entity has the authority to do so.
Some of the basic forms of a Legal Entity are:
- Corporation: a legal entity created under state law, with a separate legal status from its owners (or shareholders)
- Partnership: an association of persons who carry on business as co-owners under the Uniform Partnership Act
- Limited Liability Corporation (LLC): a legal entity recognized under the state laws of many states, wherein owners have limited personal liability
- Trust: a legal arrangement in which a person (a trustee) manages assets held for the benefit of individuals (the beneficiaries) specified in the trust agreement
- Non-Profit Corporation: an entity established to carry on activities for a specific charitable purpose, as registered under Federal Internal Revenue Code Section 501(c)(3)