Everything You Need To Know About Property Transfer
Buying a property is a dream for many. Whether it is an affordable 2 BHK in Thane or a luxury 3 BHK apartment in Mulund, purchasing a property can be a complicated affair. Before spending your hard-earned money, be sure that you only purchase property from a trusted builder and developer such as Ace Realty. There are also several legalities to take care of to transfer your property.
Here, we simplify the process by telling you all you need to know about property transfer. It is also advisable to have an attorney facilitate the property transfer to ensure all legal requirements are met.
A deed is an important legal document prepared during a property transfer. This legal document includes the personal details of the purchaser and the seller and provides a clear property title. It also includes a legal description of the property. Once prepared, the deed needs to be signed by the sellers in front of two witnesses at a registrar’s office where it is filed. It is best to have a lawyer prepare the deed to avoid any mistakes that can nullify the transfer in the future. Once registered, the recipient is the legal owner of the property.
A deed is required for the transfer of both residential and commercial property. Further, it is an important document whether you are purchasing residential property in Mulund from a developer such as Ace Realty or transferring property to a loved one.
Change of Name
Once you become the new property owner, you have to submit certain documents to the Commissioner of Revenue to change the name in the property tax document. The legalities may take around 30 days to come into effect. These documents include:
Attested copy of the sale deed
Receipt of the last tax payment
A No-Objection Certificate (NOC) from the relevant housing society
Application complete with signatures
Memorandum of Understanding (MoU)
Another crucial document when it comes to transferring property is the MoU. This document, signed by both the purchaser and seller, holds important details such as the property rate, details of the property, the timeline of the payments, and more.
Once the property is transferred, the new owner has to submit an application of property name transfer to the Tehsildar with a non-judicial stamp. This gives the new property owner legal rights recognised by the government.
Stamp Duty and Registration Fees
The rates and documents required here may vary across Indian states based on regulations by state governments. To ensure you meet all relevant criteria, it is important to check with an attorney or consult your property developer.
Buying a luxury home in Thane can be a wonderful achievement toward a richer life. Along with managing all the financial obligations, it is important to fulfil all the legal criteria as well. Always buy new property from known developers like Ace Realty known for their honest practices and prime locations. Additionally, you can also consult a legal representative to facilitate the transfer from beginning to end.