Real Estate Glossary

What is Transfer of Ownership?

Transfer of ownership refers to the legal process of transferring the title of a property from one person or entity to another. This process is typically initiated when a property is sold, but can also occur when a property is gifted or inherited. The transfer of ownership involves the transfer of the legal title and the rights and responsibilities associated with the property. The process typically includes the execution of a legally binding document, such as a sales contract or a deed, and the recording of the transfer with the local government. Once the transfer is complete, the new owner will have all rights to use, occupy, and enjoy the property and is responsible for paying taxes and other liabilities associated with the property.