A Transfer of Equity is the legal process which allows a change in the ownership of property.
This may be required for various reasons however the most common reason is when a couple decides to divorce or separate or when a sole owner wishes to add his or her partner/spouse onto the ownership register of the property. Transfer of Equity is also required when a parent wishes to gift their property to their adult child or children.
In some cases a Transfer of Equity involves the passing of money between the parties. If there is a mortgage on the property then the mortgagor must be informed and approve the proposed transfer of equity and the transferee(s) must be able to satisfy the lender that they will be able to maintain the mortgage repayments.
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