Glossary

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Transfer of Ownership
A transfer of ownership indicates any means through which a property's ownership rights are handed off to another individual. These rights include the title to the home as well as any specific restrictions on the title and any liens on the property. The reasons for a transfer of ownership can vary; An individual may inherit, purchase or be gifted a particular property, for example. Any easements, or allowances by a neighbor, such as the right for the neighbor to drive across the property to get to his or her home, may or may not remain in effect depending on the type of easement initially granted. Transferring ownership also usually requires a deed to be used to transfer the title. Laws on what constitutes legal transfer of ownership vary by state.