How do I Transfer Ownership of a Real Estate Property?
A property transfer is a nice gift if done at the right time.
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If you have real estate that you would like to transfer to a friend or relative as a gift or for a sum of money, there are a few issues that need to be discussed with your legal adviser. Before you sign anything over, make sure you are doing it correctly to save yourself the hassle of the courts stopping the process for legal reasons. Also, make sure you are signing over the property at the right time for tax purposes.
Find yourself a professional who can help you through the transfer process. Some states will allow the use of a title agent and not necessarily a lawyer when it comes to transferring real property. Use regular business sense before you hire one, checking references and certification to make sure he is legitimate.
Gather your paperwork to show to the agent who is helping you through the transfer. If you carried a mortgage that you have paid off, include a copy of the release from the mortgage company. If there are any easements on the property or liens against the property, include the respective paperwork. Of course, bring the original documents you received when you bought or inherited the property.
Communicate with your agent to make sure all if going well with the paperwork and that the transfer is going as scheduled. There will be a closing date scheduled where all the parties involved will assemble in a similar way as a real property sale, but without a lending office involved. There will be some fees involved for court costs, title searches and legal representation. You can decide whether the giver or receiver pays for them at closing.
Meet with your agent and the person to whom you are giving the property, and their legal advisor. You will need to sign over the new deed in the presence of witnesses and have it notarized. You agent will then be responsible to make sure the transfer is recorded in the courts according to the specific state's laws. Bring your checkbook to cover any costs involved.
- Be careful to get advice on the tax issues involved in property transfer.
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About the Author
Maryland resident Heide Braley is a professional writer who contributes to a variety of websites. She has focused more than 10 years of research on botanical and garden articles and was awarded a membership to the Society of Professional Journalists. Braley has studied at Pennsylvania State University and Villanova University.
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