In case you have real estate that you want to transfer to some friend or relative as a present or for a sum of cash, there are a few issues that need to be discussed with your legal advisor. Before you sign anything over, make sure you are doing it properly to spare yourself the hassle of the courts stopping the process for lawful reasons. Also, make sure you are signing on the property at the right time for taxation purposes.
Get an expert who can assist you get through the transfer process. Some states will enable the use of a name agent and not always a lawyer in regards to transferring property. Use regular business sense before you hire one, checking references and certification to make sure he’s legitimate.
Gather your paperwork to show to the agent who is helping you throughout the transfer. If you completed a mortgage that you have paid , add a copy of the release from the mortgage company. Whether there are any easements on the property or liens against the property, include the respective paperwork. Obviously, bring the original documents you received when you purchased or inherited the property.
Communicate with your agent to make sure all if going well with all the paperwork and also that the transfer is going as scheduled. There will be a closing date scheduled where all of the parties involved will build at a similar way as a property sale, but without a lending office included. There will be some penalties involved for court expenses, name searches and legal representation. You are able to decide whether the giver or receiver pays for them at closing.
Meet with your representative and the person to whom you’re giving the property, and their legal adviser. You will need to sign on the new deed in the presence of witnesses and have it notarized. You representative will then be responsible to make certain that the transfer is recorded in the courts based on the specific country’s laws. Bring your checkbook to cover any expenses involved.