Our Land Transfers Lawyers :
Transferring property rights ranks among the more legally technical processes in residential and commercial real estate transactions. The property title transferring process requires experienced legal acumen because even the slightest error on a document can upend an otherwise lucrative land deal. At George, Murray, Shipley, Bell, LLP, our legal team deftly manages the stringent legal aspects of a land transfer so that you are assured of a smooth transaction.
What is a Residential or Commercial Title Transfer?
In the simplest of terms, a “title” or “deed” is a legal document that gives a person, group or corporate entity ownership and use of a residential or commercial property. A land transfer requires that the titled owner authorizes and signs a series of legal documents that remove their interest or add others. These are common types of titled ownership.
- Freehold: Ranked among the more prevalent types, this scenario involves a person or company enjoying free use of land if scheduled payments are made to a lender.
- Leasehold: In this scenario, an owned structure can be enjoyed on a tract of land that is titled to another party. It is common to create lease-to-own agreements that require a land transfer when a payment schedule has been completed.
- Life Estate: In these cases, an agreement allows someone to freely enjoyed a piece of property until their death. At that point, changes to the title may be necessary.
Transferring property generally involves gaining consideration, usually money, in exchange for the land transfer. In other cases, the property title transferring process involves adding a family member or effectively gifting the tract to a loved one. These are land transfer mechanisms to consider.
- Quitclaim Deeds: This option makes no promises. It’s often an “as is” land transfer.
- Warranty Deeds: This transfers the title with specified promises, usually made to the buyer.
- Joint Tenancy: This type generally affords survivorship rights.
- Tenancy in Common: These provide joint ownership titles without survivor rights.
How the land transfer is conducted can be determined by the type of title you possess as well as the goal you wish to achieve through the transaction. It’s crucial that you select the legal pathway that best serves your interests.
Call the Diligent and Trusted Land Transfer Lawyers in Sarnia
If you are considering transferring property, it’s essential to work with an experienced real estate lawyer. Our team will listen and understand your unique goals and diligently draft the appropriate documents while protecting your rights and interests. Contact the Sarnia law office of George, Murray, Shipley, Bell, LLP, and schedule a consultation today.