How long does it take to transfer property from seller to new owner?

“On average the process can take around three months, starting from the date of sale and ending with the property being registered in the new owner’s name,” says Goslett. “That said, there are a few external factors that could postpone the process.

When does a real estate deed have to be recorded?

After you select the appropriate deed form, execute it according to state law and deliver it to the new owner (known as the grantee), you are legally obligated to get the deed recorded. If it’s not, the taxing authorities, lenders and members of the public are not on notice of the change of ownership.

When does a real estate contract become legal and binding?

After a seller accepts a buyer’s offer to purchase a property, it’s time to make it official, in the form of a real estate contract. This document is one of the most important steps in the home-buying process, as it clears the way for both parties to begin the transfer of property.

How long does it take to register a home for sale?

Registration – which means that the purchaser is now the new rightful owner of the home – should occur 8 to 10 working days later. Don’t let the apparent complexity of the buying process dampen the enormous excitement of owning your first home.

When does a buyer pick the possession date for a house?

When a home buyer picks a house to purchase, the transaction process can be lengthy and somewhat complicated. The buyer possession date, in particular, is often a point of confusion. Some of this has to do with when the seller is vacating, but not always.

What happens if you are the old owner of a property?

If you are the old owner, you risk getting hit with tax assessments or even lawsuits over unsafe property conditions or nuisances on the property. If you are the new owner, you risk having the old owner sell the property again, out from under you, or taking out additional loans secured by the real estate.