Essential To Know before A Property Transfer
Any piece of land in India, no matter how small or large needs to be registered to be claimed. As signboard on a piece of land saying “this land belongs to so and so” is not enough to claim the land, and also because real estate prices, unfortunately, do not come at the price of candies, one has to go through a process to claim a piece of land by all rightful means. Hence, documenting the ownership of the land becomes so much more important or rather necessary.
Usually, all the land ownership details and documentation are registered at the local Sub-Registrar’s Office. These records are a part of the public records, and hence anyone who wishes to obtain these records has to go through a required process and follow them step by step carefully, with all proper documentation and paperwork. Even though you own a piece of land, and just wish to get it transferred to your successor then also the transfer requires patience and step by step working with the officials. Even a simple property transfer is not as simple as it might seem. It is advised and recommended to involve a legal facilitator once a property or real estate is involved with any kind of transfer. A failure to record the required documents accurately can undermine and even nullify the transfer of property altogether.
Necessary Steps for Property Transfer Procedure
- New ownership terms
When transferring an already owned property to your relatives an authorization is required. This authorization decision takes place between the property owner and the recipient preferably with a witness. Usually in cases like these when people want to transfer their property to their known ones they want to hold it in as joint ownership with the right to survivorship. The right to survivorship is an attribute that consists of several types and variants of it. When jointly owned property documentation includes a right to survivorship, then the co-owner of the land automatically obtains the share of the property of their deceased relative. This allows the property to pass on to the remaining co-owners of the property though in not fashionable probate.
- Legal Attorney to prepare a Deed
While transferring the ownership of a particular property can be tiresome but it is indeed possible to be done without the help of any attorney or legal personal. However, as the intricate and minute details in such paperwork and documentation can have a big impact, especially if you are doing a ready or warranty deed and especially for the first time, it is advised to get some professional help. Thus, it is will be worth the investment to hire a lawyer and let them guide you through the process smoothly and without incurring any losses or mistakes that may drill a hole in your pocket.
You will, however, be asked to provide some private information of you and your loved ones to whom you want to transfer the ownership. It additionally incorporates a legal description for the 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 the deed document over and over and look at whether all the mentioned data is correct and viable for the transfer of the property. Make sure that the vendor and vendee have their full legal names and permanent addresses noted down in the document without any error. It will be preferable if both the parties get involved to cross-check the entire document and may as well sign it. However, do not sign any document without reading it in detail and fully knowing what you are getting yourself into.
- Legalize the Deed in front of a witness
The deed should be signed by all the sellers involved at the Sub-Registrar’s office along with the required number of witnesses which may vary from state to state. Then, it must then be authorized and sealed by the officer. The recipient must not sign anything.
- Register the Deed
At the end of this process of property transfers, one needs to take the document to the registrar’s office to get it filed into the official records. This step of this entire process can be referred to as “recording the deed”, and failing to follow this step carefully can have severe repercussions and the matter can go as far as your relative not being able to claim their rights on the property. While you are at it, you might be asked to pay all the fees and taxes regarding the property but it’s all worth it because at the end of the day you will be recognized as the rightful owner of the property in government’s eyes.
So this was a general run-through of the process of transferring property to someone. The following are the things that you might want to have a look at before you go about it.
Essential Things to Consider while Transfer of Property
- The name change in the property tax document
To change the name of the legal owner of the property after the transfer is done requires a little more patience and to show documentation that we have been making previously. You will need to submit a certain number of documents to the Commissioner of Revenue and this might take another 25-35 (twenty-five to thirty-five) days. Some of the required documents for this process include the last paid tax receipt, attested copy of sale transaction deed, the No Objection Certificate from the particular housing society, rightfully filled application form with signatures.
- Memorandum of Understanding
Usually, when you are to buy a property, you will be required to sign a deed. And before signing a deed you along with the seller will be required to sign an MoU or a Memorandum of Understanding. So what is anMoU? It is a critical document that holds all the information of the property like the cost of the property, the 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 the 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 document gives the assurance that the seller possesses the entire right to transfer the property and no one else has the right to do so. It also reassures that the property does not have any unsettled debts to be paid. As compared to the “Quit Claim Deed”, this deed is more reassuring and reliable for the vendee to put their money forward. This deed, in short, promises that the property is rightfully transferred to the vendee by all rightful means and is hence called the “Grant Deed”.
- Property Mutation
For the government to recognize a person as the legal heir or owner of a certain piece of land or property, the person has to submit a written application with a non-judicial stamp along with the property name transfer documentation to the respective Tehsildar. One of the most crucial and important documents that you need to include in this submission is the NOC or the (No Objection Certification) to legalize your purchase and a testimony. This procedure is important to transfer the property from the seller to the buyer, which is to be performed after the buying process.
Buying and selling a property can be a tiresome job and can come bundled up with a lot of other problems, then comes the entire process of transferring the property and getting all the paperwork done without any mistakes or errors. As mentioned in the article but will repeat it here, take legal help, and an NOC whenever and wherever required. Be careful and diligent while you are at it and may the odds be ever in your favor.