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What You need to Know About Real Estate Title Transfer Real estate is the new business in town, and many people have the desire to acquire and own properties. In this breath, it is important to know a few things about property ownership and how it is carried out in an acceptable manner. Such a person can sell the property to another individual thus transferring the right of ownership. In some occasions, he can give the property as a gift to whoever he likes. A sales deed is a document which shows the actual owner of property. 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. For some reasons, a property owner can give a power of attorney to an agent who now has the right to sell the real estate on behalf of the proprietor. The power of authority allows an agent to act on behalf of the property owner to sell a property. When a power of attorney provides for property management only, an agent has no right to sell the property.
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Before any sales take effect, both the buyer and seller must agree on the terms of sale. 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. Any document which facilitates property transfer must be registered. 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. Stamp duties charges must be remitted during all this process as a sale of property gains are taxable. Property registration is necessary to prevent any fraudulent and illegal property acquisitions by non-owners of real estate.
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When one buys a property, then the transfer documents must have his or her names and not the seller. The buyer must apply for a change of name from the local municipal authority. During this process, the buyer must show as evidence of successful purchase, all the transaction documents that he used in making payments. You must follow all procedures in the purchase of real estate and submit all taxes. It may sound simple to acquire a property although there are many things that you must look into so as to get a property transfer and change of name. 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.