Final answer:
The buyer determines how the title should be vested on a deed or contract, reflecting their preferred ownership structure. Precise property details such as dimensions and acreage are crucial for preparing accurate deeds. Other parties like escrow agents, title companies, and real estate agents assist in the process.
Step-by-step explanation:
When it comes to the sale of a property, such as a farm, the question arises: Who determines how title should be vested on a deed or contract? The answer is primarily the buyer, although others like the seller and lawyers might have input. For a farm being sold due to high costs and reduced profitability, an accurate property title is essential. This includes having precise dimensions and calculated acreage for the farm.
The buyer usually specifies how they want their name to appear on the title and how they want to take ownership, which could include sole ownership, joint tenancy, or as tenants in common. The final determination must satisfy the buyer’s preferences for ownership structure, which has legal and tax implications.
While the buyer makes the vesting decision, the process involves cooperation with the seller to ensure the title accurately reflects the real estate transaction. Additionally, professionals such as escrow agents, title companies, and real estate agents play supportive and facilitative roles in the process, guiding the parties through legalities and ensuring the deed accurately reflects the ownership transfer.