Transfer Of Title/Ownership

A transfer of title or ownership takes place when a new person is added, or an existing person is removed by the property tile or ownership. A property owner will be able to do it. However, the transfer of title process can be quite complex and lengthy. Continue to read and we will be sharing some more details about the process with you.

What Are The Steps Involved In Transfer Of Title Process?

Under ordinary circumstances, it is possible to add a family member into the title or remove a family member from the title. Or else, it is even possible to get an unrelated person involved with the title as well.

To begin this process, you will have to go through a set of documents. These documents should be properly filled and signed by relevant parties. Moreover, you will need to proceed with collecting supporting documents as well. After completing the forms, it is better if you can double check them and verify accuracy. Otherwise, you will have to go through a lengthy process of refiling them.

Once you are done with reviewing, you will need to get all the documents registered. Then you should report them to your clients. Make sure that you also send out written information to the condominium management office and the property tax department.

When you go through the transfer of title process, the onus will usually be on the person who receives the transfer. Or else, it can be on the homeowner. No matter what, you should be careful to do a title search, get title insurance, update ownership details in your utility bills, update fire insurance policy, let your current mortgage lender know about the changes, and get legal advice for tax as well as other implications associated with title transfer.

When you are going through the ownership transfer of a residential property, it is important for all parties who are involved in the process to send their request with relevant supporting documents. It is better if you can get a real estate lawyer associated with the process, so that you will be able to make sure that you don’t do any mistakes.  

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