What is a deed of transfer?

What is a deed of transfer?

In real estate, the act of transferring property – such as a house or condominium – from one party to another is known as conveyance. The deed of transfer is therefore the document that formalizes this transfer of ownership.

Both sellers – known in legal terms as grantors – and buyers – known as assignees – must sign the Deed of Transfer, a document that proves that title to a property has passed from its former owners to its new ones.

A deed is the legal document that transfers ownership, or title, of a home from sellers to buyers..

Deed of transfer Vs. Deed of sale

You might hear the terms “deed of sale” and “deed of transfer” used interchangeably. They are not, however, quite the same.

A deed is a broader term that includes several types of means by which people can transfer legal title or ownership of a property to another person. For example, deeds may transfer title through a gift from one person to another or through an exchange of properties.

A deed of sale, however, is the particular deed that sellers and buyers use to transfer ownership of a property through an estate sale. When you buy a house, you sign a type of deed called a bill of sale, which transfers legal title to a house from the sellers to you.

Comments are closed.