Essentials of Property Transfer Real estate is the new business in town, and many people have the desire to acquire and own properties. The person, therefore, owns the property, has right to change its ownership and the right to lease it and earn rental income. The owner of a property has the legal privilege of selling the property to anyone, and at any time he wishes. If he wishes, he can give it out as a gift to somebody else. An owner has all these right only if he possesses a sale deed which proves that he is the rightful proprietor. A transfer of property possession will only be valid after making the sale deed and registering it in the buyer’s name. For a successful property transfer from one individual to another, there must be a conveyance deed to effect the change of title. In some scenarios, property which has a pending court case cannot undergo a successful change of title because the court places an injunction barring its sale. In some situation, the owner may give the Power of attorney to another person, so the person is free to sell the property with this mandate. The power of authority allows an agent to act on behalf of the property owner to sell a property. However, it is important to distinguish the authority to sell on behalf of owner and authority to manage the property.
Looking On The Bright Side of Titles
Before any sales take effect, both the buyer and seller must agree on the terms of sale. The sales agreement has legal implications, and it can be used a proof of evidence in case a sale dispute arises. At the time of a transaction, the seller and buyer must append their signatures on the sale deed and a non-judicial stamp paper. It is necessary that all the material with regards to a property transfer must all be registered. The office of registrar is available to facilitate document registration by signing and stamping them. You will have no title to a real estate if your transaction documents are not stamped and approved by the office of the registrar. Property registration is completed when all payment such as stamp duty have been submitted. Property registration is necessary to prevent any fraudulent and illegal property acquisitions by non-owners of real estate.
Deeds Tips for The Average Joe
Change of names is vital once all the transactions have been executed. The new owner must apply for a name change to the regional public authorities. This process of the name change will only succeed if the proprietor has presented all the relevant transaction documents to the local authority as evidence that the transaction indeed occurred. You must follow all procedures in the purchase of real estate and submit all taxes. Change of ownership of real estate is a bit cumbersome and complicated although you must be careful in every move so that you avoid trouble in the future. You can seek the guidance of a real estate lawyer to facilitate the acquisition.