Transfer of property

January 10, 2019

One of the most sought after issues for legal advice is property transfer in India. The transfer procedure is mandatory for any further processing on your property. Unless the given asset is properly and legally in your own name, you would stand the risk of being caught for some ‘benami’ ownership in India. In the present circumstances in the country, it has become mandatory now to ensure that the ownership title deeds are in proper order and everything is in your name. Why is Transfer necessary? To begin with, you would need it to establish your clear title of the asset. You would also need to transfer the asset in the name of the current living legal owners to avoid any fraud. Moreover, in case any fraud takes place, there needs to be clarity on the title to fight the legal case. So the first step to stake your real estate claims judiciously, is to get the transfer procedure completed. As part of the legal processes related to land, it is your duty to inform the authorities if the previous owner has passed away. As most legal service experts can tell you, unlike the West, in India, a transfer is not an automatic process but often a time consuming and tedious process under the law where proper documentation with verification checks have to be submitted to the appropriate land revenue and registry departments. If you want to actively control, build, mortgage or sell your real estate assets in India, it has to be effectively in your name. We firmly recommend that to safeguard and protect your rights, you must efficiently mutate your properties at the earliest in your name after following the proper process of law and legal advice. How does transfer take place? There are different ways that a Property Transfer in India can take place. This could happen by way of inheritance through a Will or law of natural succession applicable to you in the absence of Will whereby an asset is inherited by the class I legal heirs under the succession laws in India. Also, if the owner is still alive and consenting to transfer, he can gift it to you through a Gift Deed. Finally, transfers could also take place through a regular buy and sell procedure i.e. through a registered sale deed. The difference in the two – gift deed or registered sales deed- is that in a gift deed money transaction does not have to be reflected but in a registered sales deed, it is necessary to show that money has exchanged hands. If you are on the receiving side, any expert lawyer would tell you that you need to check whether all Title deeds, revenue records, and mutations are in your favor. A ‘Gift Deed,’ just stated, is a legal way of transferring an immovable asset to any relative or friend. Through a Gift Deed the transfer process is done without any exchange of money. However, it must be registered for it to become active. No transfer can be legally valid till a gift deed is registered. Understanding the process of Registration The process of registration […]

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