Essentials of Property Transfer

Ownership is when a person possesses a property and has all legal rights to it. Although it is quite challenging to determine whether a person is the rightful owner of a property before you purchase it from him.

Such a person can sell the property to another individual thus transferring the right of ownership. If he wishes, he can give it out as a gift to somebody else. A property owner must have a title deed to prove that he rightfully owns the property. A transfer of property possession will only be valid after making the sale deed and registering it in the buyer’s name.

You cannot underestimate the essence of a conveyance deed when it comes to real estate title transfer. It is impossible to transfer property if there are some legal or injunction which prevents the change of title. For some reasons, a property owner can give a power of attorney to an agent who now has the right to sell the real estate on behalf of the proprietor. The power of authority allows an agent to act on behalf of the property owner to sell a property. When a power of attorney provides for property management only, an agent has no right to sell the property.
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The sale deed is based on an agreement between the seller and buyer. The document is legally binding, and it can be produced in court as evidence of purchase and ownership. All the parties to the sale transaction must sign this important document without any alteration. Any document which facilitates property transfer must be registered. The relevant authorities must sign and stamp all the documents. You will have no title to a real estate if your transaction documents are not stamped and approved by the office of the registrar. Stamp duties charges must be remitted during all this process as a sale of property gains are taxable. It is essential to registration transfer documents so as to prevent fraudulent transactions and safeguard properties.
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When one buys a property, then the transfer documents must have his or her names and not the seller. The new owner must apply for a name change to the regional public authorities. During this process, the buyer must show as evidence of successful purchase, all the transaction documents that he used in making payments. All applicable taxes must be submitted to the tax authority.

The processes of acquiring a real estate are quite complicated especially if you find a seller who is not cooperative and you should be well prepared to meet other costs to facilitate a proper transfer. Be watchful of fraudsters who may cheat you and make away with your hard earned cash.