A Proper Handing over of a Previous Property

Posted in Real Estate on March 7th, 2024

Moving home and don’t want to think about the old property anymore? When moving home, there are some official, legal things you need to do to make sure the old property is out of your hands. When the old property is under the control of someone new, you can move on and forget about it. If this is what you want, here are some to-do tasks to make sure you hand over the home properly.

Legally Handing the Property Over to the New Owner

Making sure to complete a Quitclaim Deed will guarantee that your old home has successfully been transferred to the other owner. The new owner needs to sign and agree to the terms before the home is officially theirs. This is a legal requirement and must be done for all movers. When this is complete, the home is officially out of your hands and you can move forward with your new property. 

Title Searching

Once you have invested in new real estate, you’ll need to conduct a title search. Before handing over the property, conduct a thorough title search that confirms ownership and any liens, encumbrances, or other issues that affect the property. This is also important because a clean title helps you transfer the ownership smoothly and is likely to avoid future disputes and complications.

Ridding Any Financial Obligations

It’s important to ensure that any outstanding debts, taxes, or liabilities that are associated with the property are settled and cleared for the transfer of ownership. Outstanding amounts could pertain to property taxes, utility bills, mortgage payments, HOA dues, etc. Clearing any financial obligations will preclude any future legal issues and allow a clean transfer of ownership.

Completion of Forms

Depending on your jurisdiction and the type of property you are transferring, there might be various applications, forms, and sign-offs even before the transfer of ownership. This might involve zoning approvals, building permits, environmental clearances, regulatory compliance certificates, etc. Obey all regulations and make sure you have all rigid approvals and permits to guarantee the legality of the transfer so that your transfer process doesn’t face delays.

Transferring Ownership

Compose a detailed transfer of property ownership agreement that reflects the terms of the transfer as discussed and agreed upon by both parties. The agreement should include information such as the purchase price, method of payment, date of possession, warranty information, agreements to allow an inspection, and any other contingencies or conditions stipulated by either the buyer or the seller. Having a legal expert review the agreement is a good idea to ensure that the agreement follows current law and protects your interests as the seller.

Property Inspections

Inspect the property thoroughly to ensure it is ready for transfer of ownership. Arrange for professional inspections, including a home inspection, pest inspection, and environmental assessment, to ensure the property is safe for occupancy and meets regulatory standards. You must do this to meet legal requirements for selling your home. It can be very bad for you if you don’t do this and the new owner finds many issues. 

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