Conveyancing refers to property’s transfer of ownership or the title of the property from one person to another. There are various methods of property transfers like using sale deed, gift deed, and relinquishment deed.
The property transfer has certain legal implications. It’s necessary to know about the different kinds of property transfer and the documents that are required. An experienced conveyancer will guide you through the registration process to avoid mistakes during conveyancing.
If you’re unaware about the legal practice of property transfer, find a reliable conveyancing lawyer. They will inform you about conveyancing methods and answer your queries. They will provide resources to simplify the process of property transfer.
Transferring ownership through sale deed
Transfer of ownership through a sale deed includes an official document. The document comprises of important details like the names of the seller and the buyers. It includes the property location, price, and the payment method. The transfer happens when the deed is executed. It needs to be registered with relevant authorities.
Both parties have to sign the sales deed. It is done in front of two witnesses. It is a legally binding process and is essential before taking possession of the property. There is a transfer of rights from seller to buyer.
It’s best to hire a conveyancer who will prepare and vet the sale deed before executing. If you are hesitant about a property, it’s best to hire an attorney to analyze the documents. They will check the property tax records, the land survey reports, and the sales deed. If there are no issues, you can enjoy your new home knowing that everything is legal.
Transferring property through a gift deed
Another way of transferring the property is known as gifting. The owner voluntarily transfers the property without receiving any money or compensation in return. The document is known as a gift deed and it has certain limitations on usage pattern. There is no third party interference during the transaction.
Gifting is beneficial for income tax purposes. No tax liability is accrued over these transactions. The owner pays registration fees and stamp duty if the property value exceeds the threshold limit.
Gifting has long term benefits for both the parties involved. The inheritance taxes levied on the family properties can be avoided when donating it to another relative among nuclear family. However, gift laws can vary from one state to another and there might be different documentation requirements.
Transferring property through a will
If the owner of a property passes away, their assets are distributed according to the provisions in their will. There is a legal document which outlines how the assets are to be distributed amongst the beneficiaries. The executor confirms each person mentioned in the inheritance, will receive their share as per the request of the deceased. However, this process entails probate court approval and it can take months or even years .
Hiring expert conveyancing in Logan ensures that all legal implication are met. There is appropriate documentation and it complies with the regulations. Always get professional advice from a licensed conveyancer throughout the process.
