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.