What you need to know about property transfer?
Property transfer does not happen overnight as advertised. It actually becomes the most stressed part for property transaction. But the complexities can be eradicated by keeping few important things in mind. Keep reading to know more…
Mind the MoU
Prior buying properties in Kolkata, you need to sign a deed. Before signing on any deed, the buyer and the seller needs to process and sign Memorandum of Understanding. You might be wondering what is the use of this, if one will anyway sign the deed. Well, MoU is the dad of deeds. It contains the important information regarding the price of the property, the date of the agreement, the consent and details of both the parties and the duration by which the amount must be paid.
Do the deed
There are 4 types of deeds in property transfer:
- Relinquishment deed
- Sale deed
- Transfer deed
- Gift deed
These various kinds of deeds refer to the different types of property transfer.
Relinquish deed is used when an owner transfers his/her property rights to the co-owner, and thereby relinquishes share of the property.
Sale deed is the most commonly used deed; it is used whenever the property is being purchased.
Transfer deed is obviously used for the transaction of the property but it should be done in front of witness and this cannot be signed while the property is on sale.
Gift deed implies when someone is gifting the property that does not involve obtaining price. But it requires be signing in presence of witness and registering before being gifted.
Other than deeds, there are few things need to be considered.
-Hiring an attorney
-Be up to date about the present market value
-notarizing the deed
-Exemption of taxes
-Be well notified about the legal documentations involved as well as the charges applied for each process.
-Well acquainted about the description of the properties and briefly explaining them in the documents. The details include address, dimensions, landmark and details of owner and buyer.
We have to keep in mind that every property transaction involves property transfer documents and processes. So, be well informed about the details and regulations will remove the obstacles in buying flats and properties in Kolkata.