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Things You Need To Know About Property Transfer

10th May, 2019
Things You Need To Know About Property Transfer

Buying a home was never an easy task. Every time an individual thinks of buying property, there are multiple things that need to be taken care of. That includes a number of tasks, in particular, visiting sites, looking out for a good broker, taking out information about the area, look at the pricing criteria, etc. After all these herculean tasks, the process of registration and transferring is something you need to pay more attention to as compared to than other things.

There are ample of reasons which causes the transfer of properties. Chances are, it can be due to severe illness of the owner, migration to another country, retirement or sale of the property. Whatever the reason may be, a proper cause methodology has to be followed for the transfer process. Otherwise, it could ruin your overall selling or purchasing experience.

Any process of transferring a property should accompany the deed. It is the legal documents which make the property transfer legal and enforceable by the law along with a clear and authentic topic. A deed also helps in saving tax levies and stamp duty. However, it does not end here> Before transferring a particular property, both the parties, i.e. the buyer and the seller, have to sign a Memorandum Of Understanding (MOU) between them. It is considered as a foremost document to be signed in the whole process. It is enclosed with the information of the buyer as well as the seller, the date of the filed agreement, amount of property and the period of grace. The post-purchase processing and documentation process is not an easy one to go. Another important aspect is keeping a record of the property tax documents. Indian home buyers are not yet completely aware of the maintenance of property records when it is transferred.

There are few documents which you need to submit to the commissioner of revenue, which will takes 25 to 30 days for the process registration. After that, a name can be changed or the property could be transferred. Below is the aforementioned list.

  • A proper attestation copy of the sale transaction deed.

  • The tax receipt of last paid tax.

  • Properly filled application with genuine signatures.

  • NOC.

After that, there is a process called a mutation of property which is the next step in property transfer. This process includes the transfer of the title ownership from the previous one to the new buyer. Commonly, it is called the ‘dakhil kharji’ process. It is vital to transfer the government charge taxes to transfer to the new owner. You just have to submit an application to the Tehsildar along with a non-judicial stamp on it. Dont forget the closure document, the No Objection Certificate ( NOC) for purchasing.

These guidelines can help you in the procedure of transferring property.