Updates to the register
Over half of the remaining applications to update the register, such as changing a name or transferring a property title, take just over 3 weeks complete, with most completed in 3 months. We know that in some instances these applications are taking just over 5 months to complete.
A Conveyancing Solicitor will likely charge between £100 and £500 + VAT. It's always worth comparing prices of Conveyancing Solicitors so you get the right service for you for the best deal. Solicitors will also be covering extra charges whilst dealing with your transfer.
The recording charge is set by the county and we charge a administative fee. For counties from Erie, Elk, Franklin and Centre to Bucks, Berks, and Butler, the charge for a deed transfer across Pennsylvania is $700, with the sole exception of Philadelphia, which is $800.
How long does title deed registration take? The Deeds Office usually takes 2 — 3 weeks to process the documents. However, this can fluctuate depending on the process. If things go smoothly it may be done in 7 — 8 working days, but if there is a bottleneck it can take as long as two months.
The transfer process can take up to 3 months. There are different phases involved in the transfer of a property. These phases are: Instruction: a conveyancer receives the instruction to transfer the property.
It takes 8 to 10 working days for these to be examined and, provided there are no changes, the transaction is registered. The purchaser is now the rightful owner of the property!
In order to transfer property to a family member as a gift, you'll need to execute a “Deed of Gift”. This is also known as a “Transfer of Gift”. This legal process ends with the family member(s) classified as the property's legal proprietors. The new owners' names will then appear on the Land Registry.
To transfer property in Pennsylvania, you'll need to prepare and execute a deed and record it in the county where the property is located. If the transfer was in exchange for money, you'll have to pay transfer tax.
First and foremost, you'll have your conveyancing fees, which will be calculated on many factors; such as your property's value or whether or not you need to re-mortgage. In most cases, the fees will amount to between £100 and £500 +VAT.
Do I need a solicitor to transfer ownership of a property? It's possible to change the names on title deed yourself without help from anyone else. You simply need to complete the right forms and pay any fee.
The Land Registry recently advised that updating the register to add a mortgage or change ownership can take around 4 to 6 weeks, whilst creating a first registration, transfer of part, or a new lease is likely to take anywhere between 6 to 12 months.
You own your home – either all or part of it – if your name is on a legal document called the title deeds.
Complex changes (first registrations/transfers of part/new leases) – between 12 and 18 months. It is possible to speed this process up, but we can only request this if it is either “impacting another application” or “causing hardship from it not being registered”.
Searches usually take around 2 weeks but can take much longer if the Local Authority is overloaded. Ask the solicitor to find out how long they are going to take. If it is more than a week ask the solicitor if they can carry out personal searches which may be significantly faster.
Getting the name changed on your deeds is an easy process and you do not need to involve a solicitor. Generally there is no fee to pay either. You simply need to send a letter to the Land Registry office requesting the name change, together with either the original or a certified copy of your marriage certificate.
To add, remove, or change a name on a deed, have a lawyer, title company, or other real estate professional prepare the deed. Then, record the new deed with the Department of Records. Note: We recommend that you do not prepare a deed on your own. We also recommend that you get title insurance.
Transfers of property by gift are exempt from the Pennsylvania property transfer tax (91 Pa. C.S. 193), but are subject to the federal gift tax described above. The grantor is responsible for paying the federal gift tax, and the grantee will be held liable if the grantor fails to do so .
Gifting property to family members with deed of gift
Despite the amounts involved, it is possible to transfer ownership of your property without money changing hands. This process can either be called a deed of gift or transfer of gift, both definitions mean the same thing.
You can give away your house to your child and still live in it, but you will have to pay bills and rent at the market rental value rate which is the amount that houses are currently being rented at in the area.
Gift the house
When you give anyone other than your spouse property valued at more than $16,000 ($32,000 per couple) in any one year, you have to file a gift tax form. But you can gift a total of $12.06 million (in 2022) over your lifetime without incurring a gift tax.
Gifting property to your children
The most common way to transfer property to your children is through gifting it. This is usually done to ensure they will not have to pay inheritance tax when you die.
The documents are registered – the buyer becomes the owner of the property and the seller is paid out the net proceeds. At this stage the estate agent will also be paid his commission. The transferring attorney will at this stage send the original title deed to the buyer's bank.
As a rule of thumb, you should allow for between 8% and 10% of the purchase price of the property for all the other costs involved in purchasing a property. These costs will include bond registration fees, transfer duty, transfer costs, and other legal fees.
In terms of Section 15, read together with Regulation 44 of the Deeds Registries Act, 47 of 1937, all deeds and documents requiring registration in the Deeds Office must be prepared by an attorney, notary or conveyancer.