Transfer of Property
Transfer of property refers to the term, transfer of title of the property from one owner to other. Property transfer is done according to the transfer laws mentioned under the Transfer of Property act. Transfer of property is done between two parties. In India, property transfer is governed by a proper set of rules. When a property is to be transferred, it is to be done according to a certain set of rules and has to be registered under a local registrar’s office.
Need for Transfer
Transfer of property is needed, as by the mean of transfer of property a person can transfer its rights of the property to another person. To pass the property fluently property law in India has introduced transfer of property. There are a general set of rules which is to be followed according to the law for a legal transfer of property.
Ways a property can be transferred
A property can be transferred according to the following ways:-
A person can transfer its property by way of gift. A gift deed can be made in the name of the person to whom the property is to be transferred. A gift deed is made by the transferor to the name of the transferee. A gift deed is a legal document which passes the ownership of the property in name of the receiver without taking any consideration.
Another way to transfer the property is by way of sale. A sale is legally done by the help of a sale deed. A sale deed is a document made between two parties in which one party takes some monetary consideration from the other and transfers the property. A sale deed is to be made by following proper legal provisions and legal set of rules. A sale deed is to be then registered at a local registrar’s office.
A will is a document made by a testator who is willing to pass its property in succession to the other party. A will is a final oath of the testator about how the testator desires to divide and distribute its property. A person on receiving the property through will has to get the property registered in the local registrar’s office by following the proper legal process.
Succession of property:-
A property can also be passed by way of succession. Succession is when a person who dies leaving the property without any will, then the property is to be passed to the heirs of that person. The person who is a legal heir of the deceased person can claim the property by producing its legal rights in the court.
Procedure of registration
The property after the transfer, is then to be registered in front of the local registrar’s office. The procedure for registration is as follows:-
- The first thing required is that the transfer which is to be done shall be done between two competent persons legally able to come in a contract. Both the parties should have attained the age of maturity and should be of sound mind.
- Secondly, the parties shall have a relation stating the right to receive the property. Parties must have a contract of either will, gift or sale.
- In case of succession of property, a party must clearly state its legal right in the property. By producing its documents.
- After the title is proved and the consideration between the parties is satisfied, the transfer shall be registered according to the legal process.
- After the property is produced for registration, then the property shall be registered in the registrar’s office by producing proper legal documents to the office.
- When registering a transfer of a property, the person registering the transfer shall bring all the required document along with the witnesses.
Our Legal Support Team
Our team of experienced property lawyers can be contacted to get aid in the legal transfer of property. Our legal team is working in the field of property law for many years. For proper registration of property, a person shall take legal assistance from our team. An experienced lawyer will help in making strong documents while producing property for registration in the document.