Change of Ownership Law and Legal Definition

A change of ownership occurs when a title is transferred from one person or entity to another. Ownership of land is transferred by having the owner sign a deed in exchange for money and / or other considerations. It results in a change in the legal right to the ownership and possession of land. Change of ownership of land requires many formalities. Some states require the deed to be notarized. The land ownership deed should be also be officially "recorded" in the county where the land is situated.