Real Estate Transfer

Real estate transfer refers to the legal process of transferring ownership or title of a property from one individual or entity to another. This transfer is typically documented through a legal instrument called a transfer deed, which serves as proof of conveyance and includes a detailed property description along with the identification of the current and new owners.

When real estate ownership changes hands, this transfer must be recorded in public records, usually at the County Recorder’s office, to officially reflect the new ownership.

Additionally, many state or local governments impose a real estate transfer tax on this transaction. This is a one-time fee charged for the privilege of transferring property ownership, usually calculated as a percentage of the property's sale price. The responsibility for paying this tax varies by jurisdiction—it may fall on the seller, the buyer, or be split between both parties. Some states or localities do not impose this tax at all.

In summary:

• Real estate transfer is the legal conveyance of property ownership from one party to another.
• It involves a transfer deed that legally documents the change in ownership.
• Governments may impose a transfer tax on the transaction, which varies by location and can be paid by either party.
• The transfer must be recorded in public records to finalize the ownership change.

This process ensures clear legal ownership and compliance with local tax obligations related to property sales.