Transfer of Ownership Law and Legal Definition

Transfer of ownership is the means by which the ownership of a property is transferred from one hand to another. This includes the purchase of a property, assumption of mortgage debt, exchange of possession of a property or any other land trust device.

There are steps that need to be complied while transferring ownership of a real estate property:

• Both buyer and seller must agree to the terms of the transfer;
• Required secured funds must be in place to purchase property
• A company must be hired to complete the compulsory search of title
• Take the completed title to the county courthouse in the county where the property belongs
• File the new deed with the county recorder’s office.

Title transfers must be completed by a lawyer. Our employees will ensure the transfer of ownership is documented properly to ensure that you’re protected all through the process.

Some common key phrases

When we talk about a deed, we mean the physical document that conveys ownership of a property. A title is a term used when it comes to the legal ownership of a property together with the rights that come with it.

What rights do you have as a title holder?

Real estate owners that have a legit deed will have a set of rights. These are a set of legal rights that are afforded to you as the title owner.

A “Set of rights” is a term commonly used to characterize a set of legal privileges granted to property buyers after the transfer.

Usually we talk about the following when it comes to “Set of rights”

The legal rights that come with the purchase of real estate. They may have the privilegium to own, control, enjoy and dispose the property, and exclude individuals. “The bundle of rights” may be divided among various parties.

No matter what challenges you may have in a change of ownership our lawyers will protect your legal interests throughout the title transfer process.

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