What does the term "transfer of title" refer to in real estate?

The term "transfer of title" in real estate specifically refers to the legal process of transferring ownership of a property from one party to another. When a title is transferred, the rights and responsibilities associated with ownership are also passed on, which can include everything from the ability to sell or lease the property to the obligation to pay property taxes and maintain the property. This process often involves legal documentation, such as a deed, which formally evidences the change in ownership and is typically recorded with the appropriate governmental authority to provide public notice of the new ownership.

Understanding the nuances of title transfer is fundamental in real estate transactions, as it establishes who has the legal right to property and can affect future dealings related to the asset. In contrast, the other options discuss aspects that do not pertain to the legal transfer of ownership: changing property taxes relates to fiscal implications, changing the property's use refers to zoning and permissible activities on the land, and establishing property value pertains to valuation assessments, which are separate considerations in the real estate market.