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The assignment of property involves transferring ownership or granting an encumbrance like a mortgage. The process varies by jurisdiction and involves a written agreement, warranty period, and closing. Each country has its own system to ensure the buyer obtains legal title. Professionals are often employed to handle the complex process.
An assignment is understood to mean both the transfer of ownership of a property from one owner to another, and the granting of an encumbrance on the property, such as a mortgage or pledge. The process can be very complicated and varies by jurisdiction. Every transport operation follows the same basic steps; the obtaining of a written agreement between the parties, a warranty period upon the occurrence of certain conditions and a closing by which the legal ownership of the property is transferred.
Each country has its own transportation system and rules, and states also have different regulations. Each system is designed to ensure that the buyer obtains both legal title to the land and all rights deriving therefrom. In the event of limitations or exceptions to these rights, the buyer will be informed.
The first step in a transfer transaction is the presentation of both a written contract and a down payment by an interested buyer. Offers are normally prepared by a real estate agent on behalf of the buyer. Once the buyer and seller have agreed on the price and terms of the sale, the real estate contract is ratified and the down payment is deposited into an escrow account.
Then follows the warranty period, to allow the buyer and seller to meet certain conditions set out in the contract. These terms apply to both buyer and seller, typically including a property appraisal, title search, property inspection, financing, and sometimes the completion of another estate sale. If all deposit conditions are not met, the buyer can usually withdraw his offer without penalty and cancel the contract. Title search is perhaps the most important condition in the warranty period, as it determines whether or not the seller has legal rights to the property.
At the end of the warranty period, when all conditions have been met, the final stage of the transfer can take place. This step is sometimes called closing or settlement and completes the transfer of ownership to the buyer. At this time, money and documents change hands, and the buyer becomes the rightful owner of the property. Standard documents for a conveyance include the deed, certified checks, mortgage, property tax papers, title insurance, home insurance, and a bill of exchange.
Following the transfer operation, the new deed is registered. This record of the transfer of ownership from the seller to the buyer becomes part of the public register. The deed will result in subsequent searches relating to the property.
The entire transfer process can be done by the buyer and the seller themselves. It is more common, however, that professionals are employed to handle the relocation because it can be a very complex process. Professionals who may be involved include lawyers, solicitors, real estate agents, mortgage brokers and relocation experts.
