The current owners must provide government issued identification, sign the deed in the presence of witnesses and have it notarized. The property is registered. For example, deeds transfer real estate. Whether you’re adding or removing a name from a house’s ownership record, transferring property possession can be a daunting prospect. Guidelines for the sale or transfer of ownership - Sept 2017Guidelines effective from 1 September 2017 for the sale and transfer of ownership of a relevant residential property; Guidelines for the sale or transfer of ownership - Nov 2015Guidelines effective from 1 November 2015 to 31 August 2017 for the sale and transfer of ownership of a relevant residential property The description of property will be listed under “Legal Description” or “Description.” The property will usually be written as metes and bounds, which usually begins with the following language: “Commencing for reference at the dividing line between the City of.…”. Verfiying that the details of the property match those on the registration documents . Choose a real estate professional who can guide you through the process. To transfer ownership to the surviving owner and a beneficiary, you'll need to complete: form TR1 - Registered title(s): whole transfer; form AP1 - Change the register; And send a certified copy of evidence of death. Thus, the shareholding of the SCI could be changed over time so that children (and grand-children if necessary) of the family can be granted, by way of a tax-free gift, an increasing proportion of the value of the property. Watson holds a Bachelor of Science in civil engineering from the University Florida, as well as a Master of Science in urban and regional planning from Virginia Tech. You retain all title and ownership in your property until you die. You may want to transfer ownership of a property if you are newly married and want your spouse on the title deeds. This is where a share of equity is transferred to one or multiple people, but the original owner stays on the title deeds. How to transfer your property. The most common are the quit claim, grant and warranty deed. You personally are still obligated to make the mortgage payments on time. The person signing the instrument is called the grantor. As grantor, you will need to sign the deed, and your state may require that you sign in front of witnesses or a notary. The Transfer of Land is the document that transfers ownership of property from one person to another. Each state has its own rules on who pays the transfer tax. If the person who died owned their home in their sole name, it may or may not be registered with the Land Registry. You should look for a copy from a reputable source, such as a bar association of attorneys or from your county government. You should expect to pay the notary a small fee for his or her services. This asks for the value of your home, location of your home and a legal description (property dimensions and boundaries) of the property. Have someone else look at the description on the current deed and the description you have typed into the transfer deed. To do this all that the Title Office and banks require is to see a executed "Transfer of Land" document and relevant State Revenue Office paperwork. Proper documents must be used to transfer ownership of specific trust property. Intellectual property may not always be worth including in the sale of your business. We've been helping billions of people around the world continue to learn, adapt, grow, and thrive for over a decade. If your name alone is listed on the property title, you may transfer the property without any trouble. A metes and bounds survey description will be needed if not in a subdivision. Make certain whether you’re transferring all or part of the property. Determine which deed best fits your situation. In this case, you will be the … For example, you might sell your property, gift your property, or pass you property down after your death. This article was co-authored by Clinton M. Sandvick, JD, PhD. Probate has just been granted. A warranty deed transfers rights and explicitly warranties that the property is free of liens or claims on ownership. In general, the complexity of the process rises the more expensive the item being transferred is. A transfer of equity is a transaction where legal ownership of a property changes hands but at least one of the original owners remains on the title.