Final answer:
Legal title to real property is transferred from seller to buyer when the deed is delivered and accepted. An accurate property title is essential, particularly when land used for farming is sold for other developments. Escrow services could be used to protect financial interests during the property transaction.
Step-by-step explanation:
Legal title to real property passes from the seller to the buyer when the deed is delivered and accepted. This is a key principle in real estate transactions, asserting that ownership is officially transferred not merely by signing documents or recording a mortgage, but when the actual delivery of the deed occurs, and the buyer acknowledges and accepts this transfer of property. The deed must be an accurate reflection of the property’s boundaries and acreage, particularly if the land was previously used for farming and is being converted to commercial or residential use.
The process of transferring property should also be protected by measures such as Escrow, to ensure that financial commitments, such as property taxes and homeowners insurance, are dealt with efficiently, and to safeguard both buyer and seller during the transaction. Additionally, the property title is a fundamental part of being able to enter into contracts related to the property, as ownership must be established clear and unambiguous.