What do you need to know about changing ownership of a property?

If you require a lawyer, there may also be legal fees and valuation fees. There are a few steps involved in changing the ownership details of a property and these vary depending on the type of property ownership, how you are changing it and whether it is under a mortgage. Below are some of the key steps involved. 1. Check the mortgage.

When is the owner still the owner of an object?

So for example, if the owner leases the object, or gives it for use, etc. he still remains the owner. Salmond defines possession (in legal terms) as the continuous exercising of a claim, to the exclusive use of an object or a thing constitutes possession of the object.

What do you need to know about ownership structure?

A property ownership structure describes the way a property is owned. These details matter, especially when selling.

Do you need to notify your bank when you change ownership of a property?

If you have a mortgage still attached to the property you will need to notify your bank of the change to property ownership and they may ask you to alter your loan documents to match the property title details.

When does one person give up ownership of a property?

It is usually signed by a legal heir relinquishing the property in the favour of another legal heir. It could be an ancestral, parental or joint property. It also takes place when a parent dies without leaving a will. The property must be owned by more than one person.

If you require a lawyer, there may also be legal fees and valuation fees. There are a few steps involved in changing the ownership details of a property and these vary depending on the type of property ownership, how you are changing it and whether it is under a mortgage. Below are some of the key steps involved. 1. Check the mortgage.

If you have a mortgage still attached to the property you will need to notify your bank of the change to property ownership and they may ask you to alter your loan documents to match the property title details.

A property ownership structure describes the way a property is owned. These details matter, especially when selling.