A General Overview of the Title Transfer Forms
As the name suggests, the title transfer forms are the measure to transfer any real estate property from one hand to the other hand. Using this form one can register the name of a property to the government after purchasing or hiring it. These forms need to be translated in legal deeds determining how the new owner will hold the title of property, the exact interest rate of the property by the buyer and various other details.
Advantage of These Forms
There are several advantages of this title transferring. These are described below
- Being the owner and seller of the house, he or she can enjoy the interest benefit
- Buyer will find it easier for payment; he or she can pay in installment
- Deal closing costs, in this case, become lower than the other methods
- Cost of registration become comparatively lower than completely new registration
- It minimizes risk factor because the title won’t be transferred until the last payment
- With the fulfilled form of title transfer, it will become easier for the buyer to get loan
In spite of being these huge advantages, there are certain disadvantages too.
Disadvantage of the Transfer Forms
There are certain disadvantages in this case of title transfer.
- Buyer may unaware that the property is mortgaged
- Seller will gain if the sales deal matures prior to the mortgage closure
- Buyer may lose his installment money if the mortgage matures
Well, though the process is quite simple, if anyone finds it difficult then a plethora of Free Warranty Deed Template is available online. One can easily take help from these to understand the measure properly.