Transfer of Ownership

Any means by which ownershipThe right of one or more persons to possess and use property to the exclusion of all others. A collection of a propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. changes hands. These include purchase of a property, assumption of mortgageThe taking of title to property by a grantee wherein he assumes liability for payment of an existing debtThat which is due from one person or another; obligation, liability., exchangeWhen ownership of like-kind properties are transferred between two or more owners; can result in postponement of possession of a property via a landThe material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, sales contractA contract by which buyer and seller agree to the terms of the sale. or any other land trustA revocable, living trust primarily used to hold title to real estate for privacy and anonymity. Also device.

Transfer of Ownership

Any means by which the ownershipThe right of one or more persons to possess and use property to the exclusion of all others. A collection of a propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. changes hands. Lenders consider all of the following situations to be a transferChange of jurisdiction over real property from one Federal agency or department to another, including of ownership: the purchase of a property "subject to" the mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security., the assumptionThe transfer of the seller's existing mortgage to the buyer.(See also "Assumable Mortgage") of the mortgage debtThat which is due from one person or another; obligation, liability. by the property purchaser, and any exchangeWhen ownership of like-kind properties are transferred between two or more owners; can result in postponement of possession of the property under a landThe material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, sales contractA contract by which buyer and seller agree to the terms of the sale. or any other land trustA revocable, living trust primarily used to hold title to real estate for privacy and anonymity. Also device. In cases in which an inter vivos revocable trustA trust that can be terminated or revoked by its creator. is the borrowerPerson responsible for repaying a loan who has signed and agreed to the terms in the promissory note., lenders also consider any transfer of a beneficial interestThis is the amount that is imposed when payment is remitted after the due date. in the trustA trust exists when one person holds property for the benefit of another. to be a transfer of ownership.