Property Transfer – the Intricacies
The happiness of buying a house with your own earnings – nothing can match it! After months spent on searching, you zero in on a property and pour in your hard-earned money and lifelong savings in buying it. But it is not a bed of Roses! Most of us do not know about the essentials of property transfer – the post purchase paperwork we should need to complete.
Vishraam Builders, leading builders in Thrissur brings to you two important aspects of the property transfer process:
The property tax record
Many homebuyers are unaware that changing the Tax records in the property records should be done when ownership changes hands. If the change of ownership takes place in flats in Thrissur and the municipal authorities are not notified on time, tax receipts will still be generated on behalf of the previous owner.
Change name in the Property Tax document
Submit the following documents to change the name on the property tax documents of flats in Thrissur:
- Attested copy of the sales transaction deed
- Receipt of the tax last paid
- Properly filled application form with signatures
- No Objection Certificate from the associated housing society
Mutation of property
A process that helps in transferring the title ownership from the property owner to the buyer after purchasing the property. The government can levy taxes on the new owner of the property. You will need to submit an application to the Tehsildar with a non-judicial stamp on it. The No Objection Certificate (NOC) for the purchase case and an affidavit for the inherited case are the most important documents.
Before buying properties in Kerala, you need to sign a deed. The buyer and the seller need to process and sign Memorandum of Understanding (MoU) before signing the actual deed. The MoU contains the important information like
- Price of the property
- Date of the agreement
- Consent and details of both the parties
- Duration by which the amount must be paid.
Types of deed
There are 4 types of deeds in property transfer:
- Relinquishment deed – when an owner transfers and thereby relinquishes his/her property rights to the co-owner.
- Sale deed – whenever the property is being purchased.
- Transfer deed- used for the transaction of the property. It should be done compulsorily in front of a witness and it cannot be signed while the property is on sale.
- Gift deed -when someone is gifting the property without obtaining a price. But it needs to be signed in the presence of a witness and registered before being gifted.
Things to consider before transfer of flats in Thrissur:
- Hiring an attorney
- Be up to date about the present market value
- Notarizing the deed
- Exemption of taxes
- Be well versed about the legal documentation involved
- Be well acquainted about the description of the properties like address, dimensions, landmark and details of owner and buyer.
Property transfer takes time you can remove the stress out of the process by knowing about the essentials of property transfer. Get in touch with us at Vishraam Builders to book your apartments in Thrissur.