In India, major property-related disputes are on the inherited properties. Given the high value of real estate assets, it has become exceedingly essential for legal heirs to lawfully transfer the asset after the death of the person in whose name it is registered. The property is undeniably one of the most priceless assets that a person can become heir to. Consequently, to transfer the inherited property in your name you need to follow some mandatory steps.
Well, experts propose that legacy through WILL is the best way to stay away from a dispute. However, there is no denying the fact that there can be a number of escapes. This is because at times commandment may question the legitimacy of the WILL.
Inherited Property: Buyer’s Perspective
If you are planning to buy an inherited property, you need not worry too much. It is, however, essential to confirm if the proper transfer process was followed. Besides, it is important for the buyer to make things clear from the seller in case of uncertainty. Hey! The proposed property is an asset received as inheritance? Well, you have to consider a few important points to close the deal. Let’s check out.
Inherited Property – Things to Verify Before You Buy
1. Details of Inheritance
The primary step of a buyer is to understand the legacy process. In simple words, how the seller inherited property. NOC from owner or siblings is not enough to establish your right as an inheritance. Well, this is not the correct process. The transfer can be either through probate or succession certificate. Hence, it is sensible to take all details from the seller before investing. Furthermore, you may seek advice from a lawyer whether the proper process is being rightly followed or not. Once you are sure of the legal ownership, consider including all these details in the sale deed.
2. Indemnity
Furthermore, to uphold his financial interests, a buyer can take in an indemnity clause in the sale deed. This should be specific to the inherited property. The nitty-gritty of this section will be that for any potential disagreement on inherited property, the seller can indemnify the buyer. Most importantly, the terms and conditions of this clause can be jointly decided between the buyer and the seller. If the buyer perceives chances of high risk, he can execute a separate indemnity bond in the court.
3. Confirming Witness
A buyer can always persist on including all the officially permitted successors of the deceased as confirming witness. To put in simple words, all legal heirs should be participant (signatory) as a confirming witness in the sale deed. It is essential to make the sale deed 100% infallible. Furthermore, it is important to keep in mind that in future, none of the legal heirs can bet any aver on the property.
4. Inherited Property: Token Money
Did the seller asks a high % of token money? Well, then it is first red flag for the buyer. Furthermore, in the case of dispute seller is generally in a rush to sell the property. Consequently, you should be extra careful to pay the booking amount for the received as an heir at the death of the previous holder.
5. Court Case
Hey! You think it’s all done and good to proceed? It is important to keep in mind that at times the dispute is from unheard of quarters. There can be situations unlikely though but there is a chance. It is better to hire a lawyer to check whether there is pending court case against the property owned as legal successor.
To Sum up:
It is exceedingly important to understand the history of property transfer. If it’s an inherited one with multiple sellers it is imperative to check the succession certificate. Don’t fail to check the authenticity of the documents. Consider hiring an experienced lawyer to guide you. I hope no buyer would like to get trapped in a legal twist. Hope the transaction blog helps you in carrying out a hassle-free!
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