Non-trade Transfer
Non-trade transfer is a type of transaction involving a transfer of title of property without any sale attached. It is most often used in family estate matters and charitable donations. The transfer is handled by a Transfer Agent, who records the transfer using the most current land registration system.
In order for a non-trade transfer to be successful, both parties must agree to the terms of the transfer. The transferor will retain title of the property as an owner until the transfer is complete. This means that the important documents necessary for the transfer (such as the deed, title, and registration) will remain in the name of the transferor until the transfer is complete. It is important that these documents remain updated and in the name of the transferor until the transfer is complete.
The transfer agent must then take the necessary steps to make the transfer legal in the jurisdiction in which the transaction is taking place. This may include notarizing the deed or filing the necessary paperwork with the local or state government. The transfer agent will then record the transfer on the land registry system and provide both parties with evidence of the transfer for their records.
Once the transfer is complete, the transferor no longer has ownership of the property and it is now the responsibility of the transferee. If the transferee later wishes to sell the property, the transferor will not receive any proceeds from the sale.
Non-trade transfer is a convenient way for people to transfer property without dealing with the complexities of a sale. It is often used for transfers of family property, estate divisions, and donations to charity. It is important to understand the legal aspects of non-trade transfers before beginning the process to ensure that the transfer is as simple as possible.