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Thursday, May 2, 2019

Essentials to know about the Property Transfer.



Buying a home or property is a matter of immense happiness for the buyer. It is a life time dream coming true for many. The prospective buyer may toil for months to finalize a property and make up the mind to invest her/his lifelong savings from her/his hard earned money, into buying the property. But, this property transfer process has certain legal protocols to be followed by both the buyer and the seller, in India. There are defined legal obligations for any property transfer in real estate sector in India, that every buyer and seller must know thoroughly and follow meticulously.

Essentials in Property Transfer Process-

It needs to manage a countless number of paperwork, in the legal framework, for the prospective buyer of the property. This entire business is an extremely lengthy process and is a tedious work for any one, who is not professionally associated with such work. The buyer must check thoroughly the records of Property Tax payments and transfers. Anyone, who is buying a property in India, must complete all formalities for changing the records in the property records. It is an essential act to be completed by the buyer of the property, at the time of transfer of the property and the property changing hands.

The records of property tax and its payments are maintained by Municipal authorities. If the essentials in changing property records are not done by the recent buyer, the Municipal Authority will continue to maintain the property tax records in the name of the previous owner. All the receipts of property tax and other tax related information will be generated in the name of the previous owner only, by the authorities.

Significant Aspects of Transfer of Property Transfer-

There are two important and significant aspects of property transfer process. They are-

1. Changing the name in the documents of Property Tax-

The recent buyer needs to submit certain documents to the Commissioner of Revenue, for doing the needful for changing the name on the documents of Property Tax. The verification of the submitted documents is done within 25 to 30 days, from the date of submission of the documents.
The list of the documents those are needed to be submitted to the authority-

1. The attested copy of the deed of sale transaction.
2. The receipt of the property tax paid last.
3. Application form for change of name duly filled with valid signatures on the form.
4. No Objection Certificate from the housing society that is associated with the property.

2. Mutation of the Property-

Mutation is the legal process, in which the title ownership is legally transferred from the previous property owner to the recent buyer’s name. Mutation is an essential process after the property has been purchased by the buyer. It is also known as “Dakhil Kharji” in common court language. Mutation is the process that helps the government authorities to charge taxes related to the property, to the new owner of the property.

The recent buyer needs to submit an application for Mutation, with a non judicial stamp on it, to the Tehsildar of related area. The most important and essential documents are, the No Objection Certificate for purchase of the property and the related legal affidavit for any inherited property.

The buyer of any property must know and follow these essentials for Property Transfer, in India, to make the transaction of property, valid and legal.

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