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Property Transfer Procedure in India
If you own a property in India, it needs to be recorded and registered to claim it as your own. To evaluate a commercial or Residential Property in India, it is necessary to have a registered ownership record. Hence, it is of utmost importance to have valid documents of real estate.
Generally all the real estate records are registered in the Sub-Registrar office. Any transfer of property from one owner to the other must be registered and documented properly with the authority. If you want to initiate a Transfer of Property in Mumbai, you must follow the legal procedures required to do so. Let’s discuss the necessary steps for property transfer below:
NECESSARY STEPS FOR TRANSFER OF PROPERTY IN INDIA
- New ownership terms:
The new ownership terms are authorization between the property owner and the recipients, when a person wants to transfer his/her property to their relatives while still holding the property as joint holders with the right to survivorship.
2. Legal attorney should prepare a deed:
The deed must be accurate and you should get it ready with the help of a lawyer who can guide you with the legal procedures of property transfer. The deed includes personal details about the owner and the person whom the property is being transferred to. It also incorporates a legal description for the transfer of property, according to which the owner will be able to use the outline within the government plans or the original deed if it’s mentioned.
3. Analyze the entire deed:
Make sure to read the entire deed and check that the data provided are correct and complete to initiate the Transfer of Property in India. It is important to note that the vendor and vendee have provided their full legal names and proper addresses and must be aware of the legal description. Do not sign on anything with proofreading it with your lawyer.
4. Legalize the deed in front of a witness:
The deed should be signed by the owners at a professional registrar office for the Transfer of Property and in front of witnesses as stated by the law. It must then be notarised with a signature and seal. The recipient would also sign where it’s necessary.
5. Register the Deed:
After the property transfer procedure, the deed needs to be legalized and registered at the register’s office to get it filed. This step is known as “recording the deed,” and if one fails to follow this step, it will result in non claimant of property for that recipient. Make sure to pay the fees and taxes related to the deed. Post filing the deed, the recipient will be considered as the legal owner of the said property.
Are you looking to Buy Property in India? What kind of property do you prefer – new or resale properties? Share your thoughts in the comments below.
