April 21, 2024

REAL ESTATE LAW: UNDERSTANDING PROPERTY TITLE TRANSFER

Title transfer is one such legal task that needs to be done with utmost care. Only when you have a qualified real estate lawyer, you can be assured that the change of ownership is accurate on the documentation. When the process of title transfer is happening, it is crucial to ensure that your rights are protected. All of this can be done seamlessly when you have an experienced lawyer like MB Property Law by your side. Their team of lawyers have all the expertise and knowledge required to carry out this process smoothly. Before you undergo the legal process of title transfer, it is crucial to have a clear understanding of it.

When does property title transfer take place?

There are various instances when title transfer needs to be taken place. One of them is when you are buying real estate. It is one of the many steps to be followed when purchasing a home. Title transfer is a step that is followed towards the end of the transaction when the ownership is legally transferred to the buyer. Title transfer is also undertaken when you are looking to refinance your property, and the financial institution requests the addition or removal of another person from the title. This is usually done to help you qualify for the mortgage. It is also carried out when there has been a separation between the two parties who own the real estate. When a property owner wants to add a spouse or other family member or remove them, the title transfer process is undertaken.

What happens during title transfer?

When you are undertaking title transfer, you need an experienced lawyer. This will help to ensure that all the necessary tasks are performed. It includes appropriate title searches, obtaining title insurance, advising current mortgage lenders of any title charges and directing their client to obtain legal advice for all tax and estate related questions. When there is a transfer of title taking place, it is essential to have all the important documents like ownership documents, property tax bills, bank statements and property insurance. During the procedure of title transfer, all the signees are required to produce their photo identification before they can sign the transfer documents. As the procedure is a bit complex, it usually requires two lawyers to carry it out to completion.

How can a lawyer help you?

One of the biggest questions that always arise at such moments is, how can a lawyer help you? Title transfer processes are highly complex. A lawyer will help to make the process easier while educating you about all the important aspects that are related to it. Suppose the title is to be held in the case of multiple purchasers a lawyer will help you to understand this in detail. For example, what is the difference between the tenants in common and joint tenants? The lawyers will go above and beyond to help you understand the process in depth. They will provide you with other information like legal fees, legal disbursement, land registry sub-searches and registration costs.