followers 0 popularity
1
following 1

following  view all

Groups
realestateindia is not in any groups
realestateindia

Guide To Property Transfer Process and Why Is It Important for Buyers?

Dec 3rd 2019 at 1:40 AM

Every portion of a property in India needs to be documented or recorded to claim it as one’s personal. The evaluation of the property and the agreement to have a sensible way to determine who holds a property intensify the significance of ownership. Therefore, it becomes a very important task for real estate to be documented than any other goods.

Generally, all the property ownership records in India are kept at the Sub-Registrar office. These public records state that people who need the information are bound to follow the right steps to get the details. It also indicates that when the owner transfers property to another person, he or she is responsible to alter the official documents for property name transfer to reflect the transfer of property. It is relevant for property buyers to know that a failure to record the necessary documents properly can undermine and even cancel the transfer of property altogether. Even though you want to get the transfer of your property to your loved ones, it is not a simple property transfer procedure as you would perhaps assume.

If you are also wondering about the relevant steps for property transfer in India, this blog would clear out all the clouds from your head.

Essential steps for property transfer procedure:

• Preparation of new ownership terms: This step involves an authorization agreement between the property owner and buyers. In most of the cases, when individuals want to transfer property to their relatives, they wish to hold property as joint holders with the right to survivorship. This agreement enables the property to pass to the remaining owners as mentioned in the will.

• The requirement of a legal attorney to prepare a deed: It is necessary to make a legal attorney to prepare a deed. The deed must be correct and it is a relevant price investment to hire a reliable lawyer to guide you for the transfer of property. The deed generally includes personal details regarding you and hence the loved one to whom you are transferring your title. The deed additionally includes a legal description for the transfer of property.

• The entire deed should be analyzed properly: You should read over the deed and check that every data is correct and complete for the transfer of property. It is necessary that the vendor and vendee have entered their full legal names and proper addresses, and must go through over all the legal description.

• The deed should be legalized in front of a witness: The deed must be signed by all sellers ahead at a registrar’s office for the transfer of property. Other witnesses are also needed by a particular state's law in India. Then the deed must be notarized with a signature and seal.

• Registration of the deed: This is the last step of the property transfer procedure. In order to legalize the transfer of property, one needs to take the deed to the registrar's office to get it filed. This step can be referred to as "recording the deed," and failing to follow this step can lead issues in a while and as a result of this, nobody would understand one’s relative's claim to the property. At this time, one will pay fees and taxes related to the deed. And by the end of the day, the recipient will be considered as the legalized owner of the property.

There are also certain things that one has to consider while transfer of property. The necessary things required during a transfer of property are-

  • There is a requirement of name change in the property tax document. In order to alter the property name after the change of the ownership for the transfer of property, one needs to submit all the relevant documents to the Commissioner of Revenue.
  • A memorandum of understanding is necessary. To buy property in India; people need to sign a deed. Before signing a deed, both the buyer and seller need to sign MOU. It is one of the critical documents holding all the information on the details of the property, cost of the property, date of the agreement between a buyer and a seller, the agreed duration of the total amount to be paid, etc.
  • There is a requirement of a quitclaim deed. This particular deed is necessary to ensure the transfer of property is done without committing to any promises regarding the property.
  • There is a requirement for a warranty deed. This deed is necessary to provide the assurance that the seller has all legal rights to transfer of property, and no one else can possess the right to do so.
  • There is a requirement for property mutation. For the government to identify a person to be the owner of a property, people need to submit an application with a non-judicial stamp to the respective Tehsildar with property name transfer. One of the most important documents is the NOC to begin the purchasing procedure and a testimony. This procedure is used to transfer the ownership from the buyer to the receiver after the accomplishment of the buying process.

The whole process of buying and selling a property can be a difficult task and, so as the transfer of property since it includes its own set of rules and requirements.

0 comments
Please to comment

sign in

Username
Password
Remember Me


New to IM faceplate? join free!

Lost Password? click here