Introduction
Property Ownership Transfer: Are you looking to transfer ownership of a property but overwhelmed by the process? Don’t worry, we’ve got you covered! In this blog post, we will walk you through the easy steps to transfer property ownership. This can be easily exchanged for those who wish to transfer ownership to a family member, friend or business partner. Openplot step-by-step guide provides all the information you need to make the process stress-free.
Table of Contents
Transfer of property means the transfer of property acquired now or in the future by way of inheritance or in the name of any person. It also includes the transfer of property by sale. Gift, or any other legal means as described in relevant laws and regulations. Legal documentation should be completed during the process of transferring the property. Adheres to specific procedures to ensure proper ownership is transferred.
4 Types of Property Ownership Transfer Deed
Types of property ownership transfer deeds include warranty deeds, quitclaim deeds, and special warranty deeds. These legal documents are used to transfer ownership of real estate from one party to another. Ensuring that the new owner has clear title to the property.
Sale Deed
Any transfer of property by way of sale or purchase must be documented through a sale deed. A sale deed is a legal document that acts as proof of the transfer of ownership from the seller to the buyer. It usually includes details such as the description of the property, the purchase price, and the terms and conditions of the sale.
Both parties need to sign the sale deed in the presence of witnesses for it to be legally binding. Once the sale deed is registered with the appropriate authorities, the transfer of ownership is considered complete.
Transfer Deed
It is mostly referred to as a deed of assignment. Because it is used when transferring the title of an existing property to someone else. Property rights are fully transferred, even if they are in one’s name. Not only this but all benefits arising from it are transferred.
Deeds become a mandatory requirement at the time of transfer. At the time of the sale of the property, the owner should sign the deeds in the presence of two witnesses only when the deeds are not mandatory.
Gift Deed
This type of gift deed needs to be documented especially when the property is gifted to someone. There may be people who want your property close to you. In case they want to transfer the property by way of gift, they have to draft a transfer of possession title on stamp paper.
In such cases, attestation by two witnesses is required before registration. Once the property is transferred in the name of another as a gift, it does not belong back to the owner. There is no need to pay any tax on this transfer.
Partition Deed
A deed of partition transfers jointly owned property between the members separately. This legal document describes the division of property. Each owner permits them to occupy a designated portion. Make sure the partition deed is properly executed.
It is essential to consult a real estate attorney to ensure it is recorded. Failure to follow proper legal procedures may lead to future disputes or challenges. Understanding each employer’s rights and responsibilities clearly can help prevent abuse.
Stamp Duty on Property Transfer Deed
Stamp duty charges on deed while transferring property depends on respective cities. Below are published the stamp duty charges applicable to almost everyone at present.
| Type of the Property Ownership Transfer | Relatives | Non-relatives |
|---|---|---|
| Immovable property | 1-8% of the property value | 5-11% of the property value |
Also read: All Place’s Stamp Duty Charges
Conclusion
Types of property ownership transfer deed include warranty deeds, quitclaim deeds, and special warranty deeds. Each type of deed offers different levels of protection to the buyer in terms of the title’s history and any potential claims against it. It is important for both parties involved in a property transfer to understand the implications of the chosen deed before finalizing the transaction.
Also read: Gift Deed and Stamp Duty: Understanding and Registration Charges in 2024