Transfer: In real estate, this refers to the process of changing ownership of a property from seller
to buyer. The transfer usually takes place at the Land Department or a Registration Trustee office,
where both parties (and the bank, if a mortgage is involved) meet to sign documents and
exchange payments. Upon transfer, the title is updated to the new owner. Example: The property
transferis scheduled for next week at the trustee office – the buyer’s bank will attend to settle the
seller’s mortgage, and then the title will be transferred to the buyer once all documents are
signed.