Transfer of Property
The transfer of title of the property from one owner to another is done according to the laws under the Transfer of Property Act; a certain set of rules have to be complied with, and the transfer has to be got registered at the registrar’s office.
Need for Transfer
Transfer of property means transfer of the rights of a property along with its responsibility and obligations upon another person(s). Transfer is needed to establish safe, sound, and legal giving of the property to another person, whether as a gift, by way of a will, succession, or in lieu of money.
A property can be transferred in following ways
As a Gift
A person can transfer its property by way of gift. A gift deed can be made by the transferor in the name of the person to whom the property is to be transferred i.e. the transferee. A gift deed is essentially an irrevocable legal document which passes the ownership of the property in name of the receiver without taking any sale consideration.
Learn how to make a gift deed.
By way of Sale
Another way to transfer the property is by way of sale. A sale is legally executed by a sale deed which is a document made between two parties in which one party takes some monetary consideration from the other and transfers the property. Of course formulating and executing a sale deed requires sound legal and procedural knowledge as many legal provisions and legal set of rules are to be complied while it is being made and executed. A sale deed has to be registered at the registrar’s office where the property is situated.
Learn how to make a sale deed.
By way of Will
A will is a document made by a testator willing to bestow their property upon another party. A will is a final oath of the testator about how the testator desires to divide and distribute their property. There are many legalities which are to be kept in mind when a will is being formulated, besides, to provide legitimacy and solidarity to Will, it should be got registered at the local registrar’s office by following a proper legal process.
Learn how to draft and register a valid and legally valid Will.
By way of Succession:
In case an owner of the property dies ‘intestate’ i.e. ‘without a will’, then their property passes to their successors i.e. legal heirs in interest by way of succession and according to the laws of succession which may vary from religion to community one belongs and requires sound legal advice. A legal heir can claim a transfer of their share of property in their name by making an application of transfer before the registrar. However, in complicated matters where the rights of the parties to an extent of their share is disputed and is to be determined, a declaration as to their entitlement of share may be sought from the court, and only thereafter, transfer may be sought.
Procedure of registration
After the transfer, the property is to be registered at the local registrar’s office. The procedure for registration:
- The transfer shall be done between two persons legally competent to contract. Both the parties should have attained the age of maturity and should be of sound mind.
- The parties shall have a relation stating the right to receive the property, either by way of will, gift or sale.
- In case of succession, a party must clearly state its legal right in the property and produce documents which ascertain it.
- After the right of the part and the title is ascertained, and (in case of sale) the consideration between the parties is satisfied, the transfer shall be registered at the registrar’s office as per the legal process.
- When registering a transfer of a property, the person registering the transfer shall bring all the required document along with the witnesses.
How do we help?
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