The Owner Of A Property For Many Reasons Could Wish To Transfer The Property Rights To Someone Else, It Could Be Due To Reasons Such As The Serious Illness Of The Original Owner, For His Retirement Plans, Or For Some Other Reason Such As Selling The Property. For Any Kind Of Transfer, The Legal Provisions Provided By The Law Shall Be Followed. Thus, It Would Be In The Favor Of The Parties To The Transfer, To Consult An Experienced Property Lawyers In Ghaziabad Or In Your Own City.
Property Transfer Is The Only Way By Which A Change Of Ownership Could Be Done. A Person Who Wishes To Actively Control, Manage, Build, Mortgage, Or Sell A Real Estate Property, Needs To Have Ownership Of Such Property. Thus, To Safeguard And Manage The Real Estate Property, It Is Necessary To Have The Property Transferred And Ownership Records Updated.
Once The Transfer Is Completed, The New Owner’s Name Would Get Properly Recorded In The Relevant Government Records. As These Procedures Require Legal Knowledge Or Experience In The Field, It Would Be Helpful If The Assistance Of An Experienced Property Lawyers In Noida Is Taken. Lead India Offers You A Team Of Experienced Advocates Who Have Been Successfully Dealing With Issues Related To Property Matters And Can Provide You With Required Legal Advice Or Assistance In The Paperwork As Is Necessary.
Types Of Property Transfer
Sale Deed
Any Transfer Made Through Sale Or Purchase Of The Property Requires To Be Documented Through Sale Deed.
A Sale Deed Is A Legal Document Governed By The Registration Act And Is Necessary For Both The Seller And The Buyer.
It Includes The Details Of The Buyer And Seller Like Name And The Address, Details Of The Property, Its Location And Address, Total Area, And Details Of The Construction In Case It Is A Building.
The Deed Shall Disclose That The Property In Question Is Free From All Encumbrances And Legal Disputes. In Case Of Any Outstanding Loan, The Issue Shall Be Solved By The Seller Before The Transfer.
Also A Sale Deed Includes The Amount Paid For The Purchase Of The Property, The Amount Already Paid, The Bank Details And Time Is Given For Payments, Etc.
The Stamp Duty Levied On Sale Deeds Is Different In Different States.
Transfer Deed
When Transferring The Existing Property Title From One Person To Someone Else, Transfer Deed Is Used.
The Owner Transfers The Property Rights As Well As The Benefits Arising Out Of Such Property As Well.
This Deed Is Not Used When A Plot Is Sold Or Purchased.
It Is Not Necessary To Register A Transfer Deed, However, It Should Be Signed In The Presence Of Two Witnesses.
Relinquishment Deed
This Deed Is Used In Cases Where An Owner Of The Property Willfully Transfers The Property To The Co-Owner Of The Property As Well As Relinquishes His Share In The Property.
When Signed By Both The Parties And Registered, The Relinquishment Deed Can’t Be Reversed Even If No Monetary Exchange Took Place.
Tax And Stamp Duty Is Levied On The Amount Of The Property Or The Percentage Of The Property Which Was Relinquished To The Co-Owner.
For Example, If An Owner Relinquishes His Share Of 20% Of The Property, The Stamp Duty Levied On The Property Shall Only Be 20% Of The Value Of The Property.
Gift Deed
When The Owner Wishes To Transfer The Property Without Any Exchange Of Money, Especially If Gifting The Property To Someone, The Gift Deed Is Used.
Before The Registration, The Person Transferring Should Draft The Possession Title On A Stamp Paper And Should Get It Attested By Two Witnesses.
The Gift Deed Then Shall Be Registered With The Sub-Registrar And Once The Deed Is Registered, The Transfer Is Irrevocable.
Stamp Duty
Stamp Duty For The Relatives Is Around 1-8%Of The Property Value, While For Non- Relatives It Is 5-11 % Of The Total Value Of The Property.
As The Transfer Deed Influences The Interests And Rights Of The Buyer, Thus It Is Advised To Consult A Property Lawyer In Gurgaon While Making The Transfer.
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