All of us know what transfer of property is and we may have to deal with it. There are some laws and a systematic procedure which needs to be followed while transferring any immovable property to others. Each state may differ in these laws but the standard process of transfer of property is almost the same. Let us understand what is it actually and what are its various aspects.The government has made some rules and regulations in connection with the transfer of property so as to protect the rights of both the parties. The first question isWho can transfer the property?
- Any individual
- A company
- A trust
To whom the property can be transferred?
- Any individual
- A company
- A trust
What are the ways of transfer of property?
- Sale deed
- Gift
- Will
- Release deed
- Lease
- Leave & license
What is the process of transfer of property?Each of the above transfer deed has different procedure to be followed as per the laws applicable in that area. The Property Act which has provisions (rules and regulations) and the procedure to be followed regarding transfer of property is applicable in most of the cases.What are the precautions a buyer should take before buying the property?
- A buyer must check all the deeds of title that are related to that particular property which he/she is interested in buying.
- All the documents of property must be examined carefully to clear any doubts regarding ownership of the seller.
- It is advised to involve a legal person (advocate) for assistance in the transaction of property.
- A search report is a good idea to know all the previous transactions on that property and it also helps in finding the previous owner’s details and the current owner’s authenticity.
- One very important point here is that the buyer must check if the property has any pending amount on it like property Tax, Electricity bill, water charges or society/maintenance charges, etc. If there are any dues then first the seller must clear all these dues then only go further.
- Before finalising the transfer deal the buyer should determine the terms of transfer like the amount of transferring the property, stamp duty and registration charges.
What is stamp duty in case of transfer of property?After the complete check is done the next step in the transfer of property is stamp duty. Stamp duty is like a tax which goes to government like any other taxes paid to government. As per the Stamp Act each and every document has to be stamped except a will. It is very important part of any transfer process of property. The amount of stamp duty is not same in each case as all deeds have different stamp duty as per the market. It is determined or calculated as per the type of transfer and it may differ state to state and place to place. The stamp duty document is a paid agreement and considered as a proper legal document. This is produced in court as an evidence of transfer of property.The respective state governments fix the market value of properties in an area at the beginning of each year and this value is taken as a base for calculating the amount of stamp duty of property in that area.What is registration of property? After stamp duty is done the next is registration of the property. As per the Indian Registration Act 1908, all the transfer of immovable properties has to be registered compulsorily. Registration of property is basically a process of recording the copy of the document of transferring the title in the immovable property. The registration is done at the registrar’s office after the parties executes all the required documents.It is important to note that the agreement must be registered with the sub registrar with in a period of four months of execution of documents and due to any specific (unavoidable) reason if it was not done in that time then a particular charge has to be paid along with the application for registering the documents of execution to the sub registrar of assurance within a further time period that cannot exceed four months.Transfer of Property Act, 1882The act contains provisions which constitute transfer and the associated conditions to the transfer. The Act defines the transfer of property as rules and regulations by which a person conveys property to one or more persons or himself and one or more other persons. The transfer of the property may be done in present or for the future.ConclusionThe transfer of property term looks quite simple but in reality it goes through a process and it is advisable to follow the process to escape any loss and legal issues relating to the property. All the care and precautions must be taken seriously in spite of knowing the owner of the property well as it will be in the purchaser’s favour and the things will go smoothly in future.
Sample Format of Property Gift Deed Agreement : Click on the doc image to download.Ruchi Mahajanзайм на карту без отказов круглосуточновзять кредит онлайн