How much you yearned to have that dream home! Finally, you have realised your dream. But wait! Have you completed the property transfer paperwork after buying your dream property? This is a lengthy legal process and you must complete the same correctly.
Property Transfer: Things to Know
To begin with, there are 2 important steps of the process of transfer of property. First is the transfer of ownership of the property. The second aspect is the mutation of property. Let us look at the details of these important aspects.
Transfer of Ownership of the Property
In the transfer of property ownership, you have to change the name in the property tax documents. For this, you will have to submit the below-mentioned documents to the Commissioner of Revenue.
- Copy of the sale transaction deed. This has to be an attested copy
- The last tax receipt
- Application form which has been filled corrected and signed
- No objection certificated which has to be issued by the associated housing society.
Mutation of property
Through DakhilKharji or Mutation of property, the property owner transfers the title ownership of the property to the buyer of the property. Once this process is over then the government can charge the tax to the new owner of the property. You will have to submit the following documents for this procedure.
- An application has to be submitted to Tehsildar. There has to be a non-judicial stamp on it.
- No objection certificate for purchase case
- Affidavit for the inherited case
5 ways in which one can transfer property in India
One of the most common ways of transferring property in India is by transfer deed. In this one person will sell the property to another person. You need to submit the sale deed to the sub-registrar office and the ownership will be transferred to the buyer.
You can transfer the ownership of the property by a gift deed as well. In this case, the property is gifted to the other person and this has to be done voluntarily as per Section 122 of the Transfer of Property Act, 1882.
The relinquishment deed involves surrendering one’s ownership rights to the co-owner of the property. The stamp duty does not apply to the entire property but only on that part of the property that is applicable for handover.
Will is also one of the ways to legally reassign property in another person’s name.
In the case where there is a joint owner of properties; a partition deed is one of the ways to transfer the ownership of the property from one person to another.
Wrapping up
When you buy a property or when a property is being transferred to your name make sure that you check all the legal details. Furthermore, there is a lot of paperwork to complete the ownership transfer formalities. To put in simple words, you should seek advice from a legal expert to understand all the details. Legal experts can also help you complete all the formalities associated with the ownership transfer.
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