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Some state and local governments impose a one-time real estate transfer tax that must be paid any time a property is transferred from one person to another. In many cases, the seller must cover ...
Don’t Transfer Property While You’re Still Alive Clients frequently ask Tim Sechler, certified elder law attorney of the Sechler Law Firm , if they should transfer ownership to their heirs ...
Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with the local municipality. Legal title is actual ownership of the property as when the property has been bought, the seller paid in full and a deed or title is properly recorded. Equitable title separates from legal title upon ...
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. [1] A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title).
Certain forms of property must be transferred following particular formalities described by statute law. In England, real property must be transferred by a written deed. [4] The transfer of equitable interests must be performed in writing by the owner or their agent. A gift is assumed when property owner deeds real estate as joint tenants with ...
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