Transferring the Title of Your Home

Allow one of our consultants to help is never an easy job. It requires necessary precautions, effort and money. However, at Big Apple Title and Trust, Inc. it is our job to make this easier for you. For the enormous responsibilities involved, we do everything by the book, helping you save time and money. Here is a checklist we want to share when it comes to preparing yourselves for a home title transfer.

Pay Taxes in Full

When you transfer title, real estate taxes need to be paid in full. There are also sewer fees and other property assessments, which are typically billed quarterly or monthly. However, if you are transferring ownership, and have already paid the taxes owed on a property beyond the date of sale, the buyer/transferee should reimburse you for the difference.

Homeowners’ Associations

A huge number of US residents fall under the auspices of a homeowner’s association (HOA) that needs money to enforce conditions and restrictions. This is why any HOA fees need to be explicitly mentioned in your sales contract. Moreover, every HOA by definition puts limits on ownership. Those limits need to be stated up front so the buyer won’t get an unexpected fine every time a guest parks on the street overnight without a permit.

Formal Appraisal

If there is a loan associated on the property you are selling, you will need a formal appraisal. The appraiser’s fee usually comes out of the buyer’s pocket, as do any fees associated with delivering a clear title to the property. In addition, you should also make deductions for issues that detract from the property value. For instance, proximity to a busy road or railroad track, building issues such as wet land or excessive ledge, or the need for an expensive alternative septic system must be included.