Transferring property is a common practice usually occasioned for a number of reasons. It could be that you wish to transfer your home to your spouse. Or it could be that you are transferring property to a family member to minimise business risk. Sometimes, the reason behind the move is that you are gifting your children.
Whichever the case, here are ways to make sure everything goes smoothly.
Find a reliable conveyancer
The process of transferring a property involves several legal documents that you may not be familiar with. The good news is that you do not need to learn these requirements to transfer the property successfully. Finding a skilled conveyancer is enough.
The conveyancer helps navigate any legal issues and ensures that you have done everything by the book. In this digital age, you can easily access online solicitors conveyancing.
Pay all taxes
You will need to pay real estate taxes in full when you transfer property title. Fortunately for you, those taxes are usually sent out in advance, so you should have no problem knowing how much you need to pay.
If you have already paid taxes for the property beyond the date of transferring it, you may ask the transferee to reimburse you. You may want to work with an attorney or real estate agent to make sure you have met all your tax obligations.
Get a formal appraisal
When transferring a property that has a loan on it, you will need a formal appraisal. Get ready to pay the appraiser’s fee, as well as other fees needed for delivering a clear title. The lender’s title policy and the origination fee will also need to be paid.
To most people, the process of transferring property title appears complex, and that is because it is. But if you can do everything with foresight, then you get to save much time.