Transfer of ownership is the process during a home purchase where the deed to the house is transferred from the previous owner to the current home owner. Currently, home buying is on the rise and real estate experts are optimistic that this growth will only continue. Whether someone is purchasing land as an investment, or as a first time home owner, proper transfer of the deed is the only way to ensure ownership of the property.
Real estate is a great way to invest money and right now real estate in the Philippines is a booming industry that is only expected to improve. Real estate specialists recognize that the economic growth experienced in 2013 will keep the Philippine real estate market soaring through 2014 and beyond, making the Philippines a great place to buy a home or invest in real estate.
When someone is buying a home, whether they are a first time buyer or long time investor, it is always advisable to use a skilled real estate agent to guide them step by step through the home buying process, helping them narrow down the selection of homes to choose from, compare the various mortgages and interest rates, consider where the home is located, and properly transfer the ownership.
The most key component of any real estate investment is the transfer of ownership. If a home is not properly transferred, many legal issues can come into play, such as liability issues, property tax issues and mortgage issues. Technically, when homes aren't transferred properly, it leaves the house in the previous owner's name, linking them to the mortgage, the taxes and any liability issues caused on the house. But it also means that if a title isn't transferred properly, the home that someone just thought they purchased isn't legally theirs!
That is just one of the reasons it is so important to have a real estate agent, like someone at Zipmatch.com, helping you through the home buying process to guarantee that the transfer of ownership is done properly.
A proper transfer of ownership requires a warranty or a quit claim deed. Quit claim deeds guarantee that the property has no liens or mixed ownership liability issues. After a quit claim deed is acquired, the transfer of ownership can continue. The owner of the home must next meet with the buyer at a local notary agent with the deed to the house. The deed will be signed by the old owner with the new owner as a witness to the transfer. The deed will then be given over to the new owner who must take it to the municipal court in the county where the home resides to finalize the transfer of the home ownership. At the courthouse, the buyer must find the register of deeds and finalize the transfer with their own signature.
It is recommended that you call the register of deeds a couple of weeks after finalizing the transfer just to verify that all the forms have been processed. An incomplete deed transfer can quickly become a huge hassle if you don't catch it in time.
