Transfer of ownership refers to the transfer of property from the current owner to a new owner. A transfer of ownership includes the purchase of the property, the new owner taking on the mortgage payments, and the new owner taking actual possession of the property. The seller and buyer of the property must both agree to the conditions of the transfer.
A transfer of ownership can occur numerous ways including through an outright sale, through a gradual sale, or through a lease agreement. For a transfer of ownership to be valid, the buyer should have sufficient funds to be able to purchase the property. In addition, a title search should be completed and taken to the courthouse in the county in which the property is located. Once this has been done, the new deed should be filed with the county recorder's office.