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:
1. both buyer and seller must agree to the terms of the transfer;
2. there should be secured funds necessary to purchase property;
3. hire a company to complete the required search of title;
4. Take the completed title to the county courthouse in the county where the property; and
5. File the new deed with the county recorder's office.
Legal Definition list
- Transfer of Instrument
- Transfer of Function [Office of Personnel Management]
- Transfer of Copyright Ownership
- Transfer in Contemplation of Death
- Transfer Court
- Transfer of Ownership
- Transfer on Death Deed
- Transfer on Death TOD
- Transfer Packet (Juvenile)
- Transfer Price of a Digital Audio Recording Device
- Transfer Tax
