Complexities In Transferring A House Title
It would be easy to assume that transferring a house title is simple, but unfortunately this is not the case at all. It’s not just a case of making amendments to the name or names on the title, you also have to deal with the relevant taxes and legal aspects that come with transferring a house title too. Even if you’re thinking of giving the property to a family member, you need to take a lot into consideration before you decide to hand over the keys.
Real Estate Taxes
Real estate taxes need to be paid because the house is essentially an annuity and the taxes you’ll pay on it are likely to go towards paying for development in the local area. Even if you’re not selling the house and you’re merely passing on the title, you still need to make sure the taxes are paid. If you have paid all the taxes then you might want to ask for reimbursement from whomever you’re transferring the title too, as it’s likely to have been expensive.
Hiring An Agent
It may be helpful for you to hire a real estate agent as they will know exactly what needs to be paid and when. Even if you think all the taxes have been paid, there still may be some lying around that need to be dealt with. Rather than be faced with a surprisingly high tax bill you didn’t know you would have to pay, it’s better to get professional advice from someone who can help you and the buyer (Or whoever you’re transferring the title to) to deal with the associated fees as soon as possible.
Appraisals And Transfer Fees
Appraisal fees are a part of loans on a property; these fees have to be paid by the individual that’s selling their home, rather than the buyer. But it’s the buyer who needs to pay the lenders title policy, as well as a few other fees that are associated with agreeing to have a house title transferred in their name.
But it’s not just taxes that you need to think about when you’re considering transferring a house title; you also need to think about the land the house is stood on. Have you thought about sewer and property assessment fees? Some properties even come with a clause that states you have to keep certain pathways clear and they can even stipulate what you can and can’t do to your garden. These clauses cost money, so whoever you’re switching the house title to, needs to be aware of future payments.
Transferring a house title is not as easy as you would think, and because of this, the process is likely to take at least six weeks. Due to the legal aspects of selling or transferring the title of a house, it’s essential it’s done correctly so there are no future
discrepancies or issues that could affect the process. If in doubt, seek professional advice.
Arun Chaudhary is a real estate enthusiast and works on use of technology to analyze real estate properties for their investment potential.He runs a real estate portal which focuses on Indian real estate
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