Ownership is when a person possesses a property and has all legal rights to it. Although it is quite challenging to determine whether a person is the rightful owner of a property before you purchase it from him.
The owner of a property has the legal privilege of selling the property to anyone, and at any time he wishes. In some occasions, he can give the property as a gift to whoever he likes. An owner has all these right only if he possesses a sale deed which proves that he is the rightful proprietor. A transfer of property possession will only be valid after making the sale deed and registering it 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. A power of attorney allows a one the right to act with regards to who owns the house. When a power of attorney provides for property management only, an agent has no right to sell the property.
Titles: 10 Mistakes that Most People Make
The sale deed is based on an agreement between the seller and buyer. The sales agreement has legal implications, and it can be used a proof of evidence in case a sale dispute arises. All the parties to the sale transaction must sign this important document without any alteration. It is important to note that all documents relating to the transfer of property must all undergo registration. The office of registrar is available to facilitate document registration by signing and stamping them. You will have no title to a real estate if your transaction documents are not stamped and approved by the office of the registrar. Property registration is completed when all payment such as stamp duty have been submitted. Property registration is necessary to prevent any fraudulent and illegal property acquisitions by non-owners of real estate.
The Essentials of Deeds – Breaking Down the Basics
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. He must attach all documents that relate to that particular transaction to facilitate the process of change of name. All applicable taxes must be submitted to the tax authority.
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. Be careful in every step you make so that you do not fall prey of fraudsters who have flooded the real estate industry in the recent times.