How to transfer property? Property Transfer
A person transfers his property according to his circumstances and a person has 4 such options through which a person can transfer his property. It is necessary to know these options.
- Sale Deed or Sale Deed
This deed is used to transfer a property to someone else. The person in whose name the property is transferred is considered the new and real owner of that property from that day. For this, it has to be registered with the sub-registrar. If the property is not in any mutual relationship at the time of registration, then this registry is considered registered. After the registration, it is considered that the property has been sold by the old owner and now the new owner will be considered the real owner of the property. Any kind of fraud can be avoided through registry. This property transfer is called sale deed.
Things to keep in mind while making a sale deed
- The sale document must be in writing
- All the terms and conditions of the property and its price should be mentioned in writing.
- There should be ID proof of both the parties and two witnesses from each side and their ID proofs.
- Where is the property to be sold located and from which direction is the property being sold or purchased
- Both parties must agree on the place and direction in which the property is to be sold or purchased
- The price being charged or paid for the property is not outside the circle rate fixed by the government
- How to pay the property price i.e. payment mode – by cash/cheque
- Stamp duty is different for every state. Its duty is levied on the basis of the property and the price of the part of the property which is built is also written. Then after adding all this, the stamp duty is paid.
- Sometimes some people write down the value of the property to save tax so that the tax on stamp duty can be reduced. This should not be done as it may cause problems for you in the future.
- Whenever a person buys a property, he writes down its price so that the stamp duty tax can be reduced and if that land is disputed for any reason, then the same price is given for that property which was written at the time of property registration.
How to transfer property? Property Transfer
- Gift Deed or Donation
A gift deed is made when a person donates his movable or immovable property to another person on his own will. In this too, while gifting your immovable property, it is mandatory to get it registered. As per section 17 of the Deed Registration Act 1908, it is mandatory for you to get your property registered and through section 122 of the Indian Transfer of Property Act, a person can gift/donate his movable and immovable property to another person on his own will. This is called donation under this section.
Things to keep in mind while doing a Gift Deed
- In this, the donor should donate the movable and immovable property on his own will
- It is mandatory to get the Gift Deed registered
- Stamp duty has to be paid in this also
- The movable and immovable property donated by the donor can be donated to any relative including his siblings, siblings of husband / wife, parents
- The donor does not take any cost from the recipient
- Once the Gift Deed is registered, no changes can be made to it
- If any kind of fraud happens and the person wants to get his property back while he is alive, then he will have to get this property back through the court
- Relinquish Deed or Resignation
A relinquishment deed is done when all the members of a family are co-owners of the property and if one of them wants to give up his share/rights/authority then a relinquishment deed is made. A relinquishment deed is an easy way to transfer property.
Things to keep in mind while doing Relinquish Deed or Renunciation Deed
- In this, the person voluntarily gives up his rights
- Two witnesses are required to get a renunciation letter made
- After attesting all the documents, it has to be registered.
- After the renunciation deed is made and registered, no changes can be made to it.
- In this also stamp duty tax has to be paid
- Will or will
A will depends on the wish of the person as to whom he wants to declare as his successor after his death and to whom he wants to distribute his property. It is the easiest and cheapest method of property transfer. In this the testator/grantor is called the testator and the person to whom the will is being made is called the grantee (beneficiary). The testator can appoint a guardian for his property, then he is called the executor.
A will is a legal document in which the testator wants to give all his property after his death and the name of the person or persons should be written in it.
There are two types of wills
- special rights wish letter
- non privileged will
Things to keep in mind while making a will
- The age of the testator must be above 18 years
- The property you are bequeathing should be your own property or you should have inherited it
- The will needs to be in writing
- The will must be attested and registered with two witnesses
- A written copy of the will should be with you and the other with the registrar
- In this, the person has to pay stamp duty according to some value
- In this, a person can divide his property equally among all his heirs as per his wish.
How to transfer property? Property Transfer How to transfer property? Property Transfer How to transfer property? Property Transfer How to transfer property? Property Transfer
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