Essentials To Know About The Property Transfer|Yourbdesk

1. Essentials To Know About The Property Transfer The journey of buying a property or new home just doesn’t end with the selection of the property and finalisation of the deal. There’s a lot to be taken care of even after purchasing the property. The joy of giving and getting a home should be pure, hassle free and legally right. When it comes to dealings in property, things can be quite cumbersome. If not done right one of the two parties can end in trouble or some loss or even fraud. That is why we hire property consultants or real estate agents to take us through the process safe and secure. However leaving all the work to the consultants or real estate agents is not a good option unless they are trustworthy. One must himself be aware of the basic paperwork and other legal formalities in order to be on a safer side. B-desk, the property consultants with a team of expert real estate agents, have put together for you some essentials that you must know about the property transfer saving you the time and task of going through the legal books yourself.

2. 1) Types of Deeds: One must be aware of different types of deeds before getting one prepared. There are usually 4 types of deed- Relinquishment, sale, transfer and gift deed. Relinquish deed is to be made when an owner transfers his/her property rights to the co-owner, and thus relinquishes share of the property. Sale deed is the most commonly used deed. It is used whenever the property is being purchased. Transfer deed is used for the transaction of the property but it should be done in front of witness and this cannot be signed while the property is on sale. Gift deed implies when someone is gifting the property that does not involve obtaining price. But it requires be signing in presence of witness and registering before being gifted. 2) Memorandum of Understanding (MoU): It contains the important information regarding the price of the property, the date of the agreement, the consent and details of both the parties and the duration by which the amount must be paid. It must be signed and read carefully to avoid any conflicts in future. 3) Hiring a property consultants: hiring property consultants or an attorney is beneficial while dealing with property transfers. They can offer better piece of advice as they are well versed with all the rules and regulations as well as the legal formalities. 4) Present market value: Be aware of the present market value of the property you are about to sale or purchase because in any way you do not want to end up in any losses.

3. 5) Legal formalities and paperwork: There are a lot of legal paperwork formalities that needs to be done while property transfer such as notarizing the deed etc. be well versed with all the documentation requirement for such formalities. 6) Property tax record: Make sure to update the concerned authorities about the transfer of property for taxation purposes else the previous owner will be charged tax not the new owner. The changes to be notified for this purpose are discussed in the next points. 7) Changing Name in Property Tax document: do not forget to get the name changed on the property tax document. You need to submit few documents to the Commissioner of Revenue for the same, post which the verification is done in 25 to 30 days. The following documents are required for this purpose: 1. Attested copy of the sale transaction deed 2. Receipt of tax last paid 3. Duly filled application form with signatures 4. No Objection Certificate from the associated housing society. 8) Mutation of Property: It refers to change of title ownership from one person to another when the property is sold or transferred, as the case may be. In common language it is also known as ‘ dakhil kharji’. It helps the government charge taxes to the new Owner of the property. All you need to do is submit an application to the Tehsildar with a non-judicial stamp on it. The most essential document is the No Objection Certificate (NOC) for purchase

4. case, and an affidavit for the inherited case. The fee and document requirement for the same varies from state to state. Still in doubt or need further assistance? Don’t worry B-desk’s expert property consultant team is just one call away. The team comprises of professional real estate agents that go the extra mile to make your property transfer journey safe and smooth. Reach B-desk at : 844-844-0177