Property transfer refers to the legal process of changing ownership of real estate or personal property from one party to another. This can occur through various means, such as sale, gift, inheritance, or exchange. The process typically involves a written agreement, known as a deed, which outlines the terms of the transfer and is often recorded with a local government office to ensure public notice. During property transfer, both the buyer and seller must fulfill certain legal requirements, including due diligence, inspections, and financing arrangements. Once all conditions are met, the transfer is finalized, and the new owner receives the rights and responsibilities associated with the property.