Transfer of Property
this is short description
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 for a property transfer in India involves a payment of stamp duty and other registration costs. The costs are based on a percentage of the valuation conducted and for this; the rates vary from state to state. It is only after you have registered the gift deed that you can apply for mutation of the property.
Mutation is necessary on various counts.
Also, our legal experts advise that for any further transfer that the recipient might want to do, it is important that the deed is registered.
The process of transfer, done in any region through any lawyer, does not revolve around just declaring on a simple paper or by word of mouth that the property will be in somebody’s name.
Proper legal advice should be sought for this matter, and adherence to the law process is a must.
Whether the property transfer in India has happened through a Will document or a Gift Deed, in most cases, NRI’s or overseas citizens have no trusted representatives in India-least of all dedicated lawyers who would take care of these matters exclusively – to aid them in either the mutation process or the subsequent transfer, following inheritance or gifting. There have been many cases of property transfers in Punjab, Delhi, and Gujarat, India which came under our advisory capacity and were settled by our legal team.
In some cases, inheritance could bring along with it the complications of illegal transfers, illegal possession or even illegal sale by close relatives, trusted representatives and third parties.
Mostly overseas citizens have no access or knowledge on correct procedures and formalities involved in transferring of urban residential or commercial or rural agriculture properties. Transfer procedure may vary a great deal not only state to state but also between the different types of assets that are in question.
What is the one crucial thing that NRIs or overseas citizens wish for while taking care of these legal matters?
-Professional and trustworthy services without travelling to India.
We are proud to state that as one India’s top law firms, we offer comprehensive legal advice for property transfer in India exclusively to overseas residents without having to travel to India personally. A team of some of the best lawyers and legal advisors coordinate and communicate with the client and then complete these formalities on their behalf. You will find all your legal questions answered with maximum clarity, empathy, and concern.
We have over time understood that time crunch and long distances make it tough for NRIs to sort out their issues back in India. Therefore we have come up with highly updated systems to ensure proper contact with all clients so that they may seek advice and consultation as and when they feel like.