Real estate is the new business in town, and many people have the desire to acquire and own properties. The person, therefore, owns the property, has right to change its ownership and the right to lease it and earn rental income.
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 successful property transfer is completed when a sale deed is given, and it is registered 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. If the seller has granted the power of Attorney to a person, that person has the authority to sell the house under this order. Power of attorney allows agency in real estate. When a power of attorney provides for property management only, an agent has no right to sell the property.
Getting To The Point – Titles
The sale deed is entirely based on both parties agreement. The agreements are legally binding, and in a case of any disputes, one party can produce it as a show of evidence. At the time of a transaction, the seller and buyer must append their signatures on the sale deed and a non-judicial stamp paper. Any document which facilitates property transfer must be registered. The office register deals with stamp and registration of sale deeds so ensure that it goes through that office. If the clerk does not register the sales deed, then the property transfer is not complete, and it is invalid. You must make all the necessary payments to facilitate registration such as stamp duty. It is essential to registration transfer documents so as to prevent fraudulent transactions and safeguard properties.
Getting Down To Basics with Properties
Once a buyer makes a purchase of real estate, the property title must be changed in his name. The buyer must make application to the local municipal authority for the change of title. This process of the name change will only succeed if the proprietor has presented all the relevant transaction documents to the local authority as evidence that the transaction indeed occurred. Change of property name facilitates payment of tax to the tax authorities.
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. You can seek the guidance of a real estate lawyer to facilitate the acquisition.