The general rule on transfer of items with title, of a certain value, of a certain term (time period) and always transfer of interest in real estate beyond certain (length of time) is that it has to be transferred with a writing. This rule is called the "Statue of Frauds." The details of how it applies and to what it applies varies by jurisdiction. You should consult with an attorney licensed in the jurisdiction the property is located.
Answered on Mar 14th, 2014 at 6:19 AM