Change of Ownership
l term. A change of ownership is said to have occurred when a person 'A' transfers the ownership of an entity to another person B. Legally, it takes place when a person transfers his title to another person.
There is a specific meaning to the terminologies used in legal literature, and the term 'change of ownership' is a well-known legal terminology. It has a distinct meaning. A change of ownership is usually said to have occurred when some person transfers a title to somebody else. This can occur as a result of a sale i.e., in exchange for money and goods or any other agreed-upon method.
A change of ownership can occur for a host of different entities like houses, cars, and other properties like boats, etc. However, a change of ownership is not always a result of buying and selling. A change of ownership can be due to inheritance, gifting, or willing it away. Usually, a transfer of ownership to someone else will require the services of a legal expert i.e., a lawyer or attorney, because of the paperwork that is associated with it.