When it comes to cars or real estate, it is absolutely necessary to transfer the title or deed from one owner to the next. There are many reasons why this is important (mainly because it’s the law), but do you have to actually sell the property to transfer the title to someone else?
Well, the short answer to that is no, but there are some things that you need to know. Transferring the title is quite easy to do and shouldn’t take much time at all. The best part is, you may not even need to enlist the help of an expensive attorney to get it done.
If I do get a lawyer, what will they do?
In some cases, you won’t even need one at all. However, there are some circumstances in which there is no actual sale, but you still need an attorney. These are transfers to a business, trust or death of one of the owners.
If it falls under one of these three categories, the attorney will be able to complete the transfer after asking for some details on who will be the new owner of the title. There’s going to be some paperwork and interviewing involved in this process, but it won’t take a lot of time and you don’t have to do the filing yourself.
What is the simplest way to transfer?
All you have to do is sign off of the title at the office of the county recorder that it is being transferred (exactly like a car at the DMV). From there it can take one or two months for a new one to be put onto paper and sent through mail, but it is rather painless.
If you are transferring the title to a relative who is claiming all legal aspects of home ownership, there are some details you need to know. If there is still a mortgage that is active on the home, then the relative that is going to be the new owner will have to acquire a separate mortgage before the transfer can be finalized.
Once the title has been signed by both relatives, it will have to be notarized legally to make it official. A release deed will also be required in the process from one relative to the other. It makes it a lot easier and does not require an attorney.
Acquire the location of the court that you need to file with and make sure you have proper ID with you when completing any transfer requests. There will be new forms to fill out for tax purposes with the state or county and possibly even a transfer fee depending on your location. Once this is all finished, notify any mortgage company involved of the change immediately.
To sum it up
It’s not required that you sell the home to a stranger to transfer the title. It’s quite easy to do so without selling it. However, transferring the title means that all legal obligations are transferred, as well.
This means that the new owner is required to pay on all property taxes and insurance. So if you are doing this for a child or relative that you are giving the house to as a gift, make sure they are aware that they need to pay these off. Home ownership is a huge responsibility and should not be taken lightly. Make sure all parties are properly prepared before transferring any titles.
If you do require the presence of an attorney, always make sure to look for the best one and take your time doing so. It is a delicate process when it comes to home ownership and requires great attention to detail.