How to register or transfer your property

The Transfer of property in India is covered under the transfer of property act 1882. The Transfer ofproperty act defines ‘transfer of property‘ as an act by which a person conveys property to one or more persons, or himself and one or more other persons. The act of transfer may be done in present or for future. The person may include an individual, company or association or body of individuals, and any kind of property may be transferred.

A registration of property is done at the time of transfer of property from one owner to another by payment of required stamp duty and registration charges. Registration of property means the registration of documents under the provisions of the Registration Act, 1908. The documents are submitted to the registrar and the buyer and seller both has to be present at the time of registration of property.

Transfer and registration of property can happen or be required to done under many circumstances, for each situation the documents required or the instruments used can be different and can have different purpose. Below mentioned are few instruments used to transfer property or share in property.

Sale Deed

A document prepared on the basis of previous ownership document for the transfer of property from seller to buyer, providing the buyer the absolute and undisputed ownership of property

Gift Deed or Will

Transferring a property can be either as a gift or by a will. A gift deed is mostly use while the transfer of property is within the family, a gift deed for an immovable property is compulsory to be registered with the sub-registrar of assurances as per Section 17 of the Registration Act, 1908, failing which the transfer will be invalid. Additionally, such a transfer is irrevocable. Once the property is gifted, it belongs to the beneficiary and you cannot reverse the transfer or even ask for monetary compensation.

A will is applicable only after the lifetime of the executor. A registered will entitles the beneficiary to get the property transferred on their name after the lifetime of the executor.

Relinquishment deed

Relinquishment Deed

A relinquishment deed is used if one wants to transfer his rights in a particular property to another co-owner. Such a transfer is also irrevocable even if it is without any exchange of money. As with all documents related to the transfer of immovable property, a relinquishment deed needs to be signed by both parties and registered.

As transfer of property involves transaction of large sums of money, it is important to be assured on the documents that are required and used under different way of transfer of property. It is a good idea to get the property documents prepared and verified by a property lawyer beforehand.

Original publication at Content.magicbricks.com by AtulayNehra