Transfer is an act by virtue of which title of a property is voluntarily conveyed from one person to another. It is a way of disposing of a property or an asset in the form of sale, money transfer, lease, license, lien, gift, etc. Transfer may or may not involve a legal process. For instance, a friendly transfer of money between friends does not require due validation of law; however, a transfer of a real estate asset requires title transfer, legal documentation, and requisite registrations.
[Last updated in November of 2021 by the Wex Definitions Team]