Gifting property to a family member is a thoughtful gesture, but it involves careful adherence to legal and administrative processes to ensure a seamless transfer.
Below is a step-by-step guide outlining the standard process to gift property:
Role of Transferor & Transferee
- Happy with our fee, instructions given to Ninth Settlements to act.
- Documents received, review, signed and sent back to Ninth Settlements.
- Finance Approved, sent to Ninth Settlement
- Settlement Statement received, Funds transferred.
- Final paperwork received.
Role of Settlement Agent
- Instruction received, gather all necessary legal documents, including proof of ownership, preparing sending required documents transferor & transferee.
- Ensure all documents are signed correctly and comply with legal regulations, notify all the relevant parties such as mortgage broker, outgoing & incoming bank if applicable about the impending transfer.
- Finance approval received, Coordinate with financial institutions and authorities to schedule the settlement.
- Settlement Statement prepared & sent, funds requested, settlement booked.
- Funds received, settlement completed, update records with relevant authorities to reflect new ownership.
- Final paperwork sent e.g. updated Title, final Statement.
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