It’s important to know about real estate title transfers if you’re buying or selling property. This is the process that transfers property ownership from one person or entity to another, and it is a crucial part of any real estate transaction.
A real estate title transfer is vital for several reasons. First, it ensures the new owner has legal ownership of the property. The seller could still legally own the property without a title transfer, even if they’ve signed a sale contract. Second, it’s essential for mortgage purposes. Lenders must know who owns the property to ensure they can legally foreclose on it if the borrower defaults on their mortgage payments.
Additionally, title transfers are critical for property tax purposes. The local government must know who owns the property to send tax bills to the correct person.Without a title transfer, the previous owner could still be responsible for paying property taxes.
The process of a real estate title transfer can be complex, and hiring a real estate title transfer lawyer is essential to help you through the process. The lawyer will handle the paperwork, coordinate with the lender, and ensure the title transfer is completed correctly. Check out the following link for a more detailed explanation: https://easyelaw.ca/real-estate-deals/ .
The cost of a real estate title transfer varies depending on the lawyer you choose and the complexity of the transaction. However, you can expect to pay anywhere from a few hundred to a few thousand dollars for the service. With Easy eLaw’s Lowest Price Guarantee, you know you are always getting the best price possible! It’s essential to remember that hiring a lawyer can save you money in the long run by ensuring the transfer is done correctly while preventing legal issues later.
Contact us today to learn more about the real estate title transfer process.