3 Things to Know Before Your Transfer Property Titles
People buy and sell properties all the time. If you’re in the process of selling your home to a new buyer or event transferring the property to your children, here are some facts to consider. These tips can help you make the transaction smoother and faster.
1. Hire professional legal help.
If you think hiring conveyancing solicitors in Townsville like O’Shea & Dyer Solicitors is an unnecessary expense, you’re wrong. In fact, you might end up incurring more losses and expenses if you don’t’ hire legal help in transferring property titles. The transfer of one’s property to another can be quite tricky and troublesome if you don’t have a professional that can assist you with all the legalities. Conveyancing solicitors can help you save time and money through the detailed transfer process and prepare the documents you need to move forward.
2. Be wary of signing your property to your children (outside parties).
They’re your kids, and as much as you love them, you need to be wary of the future outside parties that could affect your property’s standing. When you sign your property to your children, naturally, you’re no longer the legal owner, and this means losing all your rights to the real estate. What happens if you have a falling out with your children and their future spouses? You could end up getting evicted especially if you still live there. And if your kids decide to sell the property, you could end up homeless.
3. Be careful about gifting a property with an existing mortgage.
While you want your children to have your current home in the future, what happens if your property still has an existing mortgage? This could be problematic because your child may then need to get a mortgage. And the new one could have a higher interest rate. This way, the property itself becomes more expensive to maintain.
Ensure Proper Transfers
Whether you’re just transferring the property to your children or selling your home to new buyers, consider these tips to help you make the transfer less costly and more enjoyable. Transfer of property can be tricky without the guidance and help of a conveyancing lawyer, so make sure you work with one.