Property Transfer Procedure: All Important Things To Know About it!

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09:30 AM 03 Aug 2019

In India, every inch of a property needs to be recorded to claim it as one’s personal. Why not? As no one can ever say, who owns a property just by looking at it. The evaluation of the property and the obligation to have a sensible way to determine who holds a property increases the significance of ownership. So, it becomes a more necessary task for real estate to be documented than any other goods. 

Typically, all the property ownership records are stored at the Sub-Registrar office. As they are public records, which indicates that anyone who requires the information is bound to follow appropriate steps to obtain the details. It also states that when the owner transfers property to another person, they are liable to alter the official documents for property name transfer to reflect the transfer of property. A failure to record the required documents accurately can undermine and even nullify the transfer of property altogether.

Although you want to get transfer of property to your loved ones, it isn't a simple property transfer procedure as you would possibly assume. Indeed, it's continuously safe that you request legal facilitate once it involves property transfer.

Necessary Steps for Property Transfer Procedure

New Ownership Terms

This involves an authorization decision between the property homeowner and recipients. In many cases, when someone wants to transfer property to their relations, they want to hold property as joint holders with the right to survivorship. This enables the property to pass to the remaining homeowners while not fashionable probate.

Legal Attorney to Prepare a deed

While you'll be able to do that yourself technically, it may be difficult, mainly if you're doing ready a warranty deed. The deed must be correct. Thus it's a necessary price investment to hire a lawyer to guide you for transfer of property. The deed includes personal details regarding you and therefore the loved one to whom you're transferring your title. It additionally incorporates a legal description for transfer of property. You'll be able to use the outline within the government plats or your original deed if you have got access.

Analyze the Entire Deed 

Read over the deed and control that every one data is correct and complete for transfer of property. Make sure that the vendor and vendee have entered their full legal names and proper addresses, and should go through over all the legal description. The form can have blanks for signatures, however, don't sign these nonetheless.

Legalize the Deed in front of a witness

The deed should be signed by all sellers ahead at a professional register office for transfer of property and the other witnesses needed by particular state's law. It then must be notarized with a signature and seal. The recipient oughtn't to sign something. 

Register the Deed

At the end of the property transfer procedure, to legalize the transfer of property, one needs to take the deed to the register's office to get it filed. This can be referred to as "recording the deed," and failing to follow through with this step will cause issues in a while as a result of nobody would understand your relative's claim to the property. At this time, you'll pay fees and taxes related to the deed. By the end of the day, the recipient will be considered as the legalized owner of the property.

Essential Things to Consider while Transfer of Property

Name Change in Property Tax Document

To alter the property name transfer after the change of the ownership for transfer of property. One need to submit certain documents to the Commissioner of Revenue. This process may take up to 25 to 35 days. Some of the required documents for this process include the last paid tax receipt, attested copy of sale transaction deed, NoC from the particular housing society, rightfully filled application form with signatures.

Memorandum of Understanding

For anyone to buy a property in Hyderabad, they need to sign a deed. Before signing a deed, both the purchaser and seller need to sign MoU. Are you thinking, what is an MoU? Well! It is one of the critical document holding all the information on the cost of the property, date of the agreement between a buyer and a seller, the agreed duration of the whole amount to be paid, details of the property.

Quit Claim Deed

This particular deed is to ensure the transfer of property is done without committing to any promises regarding the property. This is mainly used to clear up the title issues in transfer of the property during critical issues like separations of couples or any spontaneous decisions for property name transfer. This deed includes the complete names of the vendor and vendee, price of the property, location, and legal description specifying the particulars of the property.

Warranty Deed

This deed gives the assurance that the seller has all legal rights to transfer of property, and nobody else possesses the rights to do so. It also states that the property has no debts related to it. Compared to the quitclaim deed, this is much more liable as a vendee can have a trust that they will be no unpaid debts associated with the property. This deed, in short, promises the transfer of property to the recipient and hence is also known as "Grant Deed."

Property Mutation

For the government to recognize a person to be the owner of a property, they need to submit an application with a non-judicial stamp to the respective Tehsildar with property name transfer. One of the most crucial document is the NoC to initiate the purchase and a testimony. This procedure is used to transfer the ownership from the buyer to the receiver after the completion of the buying process.

Final Words

The overall process of buying and selling a property can be a complicated task. And, so as the transfer of property since it comes with its own set of rules and requirements.  If in case the property has a mortgage, the transferer need to discuss it with the transferee priorily. As the sole owner, the transferer is still restricted to make the payments to the lender even if the property is transferred and don't have an interest in the property.

Are you interested to know about more such real estate news? Browse PropertyAdviser.in to find all trending real estate news and latest properties for sale in Hyderabad to find your destined home.

By Govi