5 Things to Know About Property Transfer

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Introduction

• Transfer of a property requires property
  document.
• Both the parties need to follow the property
  transfer procedure.
• Transfer of a property can take place for reasons
  like gifting, selling a property, or sometimes it
  could be due to the illness of the current owner.

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Here is everything you need to know about
property transfer.

• 1. Memorandum of Understanding
• Memorandum of Understanding is also known as MOU.
  
• The MOU is one of the first documents that is
  required during the property transfer process.
• This document has all the details about sales and
  purchase of the property, such as detail
  information about buyers and sellers, date of
  purchase, date of legal transfer applied and when
  the buyer will pay the full amount.

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Here is everything you need to know about
property transfer (contd.)

• 2. Sale Deed
• The MOU is covered under the sale deed.
• Apart from all the information from the MOU, this
  is the most legal document which is required
  under registration act.
• This document states that the property is free
  from any kind of legal disputes and encumbrances.
  
• The document also has bank details and stamp
  duty.
• If there is an outstanding loan on the property,
  then the current owner needs to settle it first
  and then sell the property.

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Here is everything you need to know about
property transfer (contd.)

• 3. Transfer Deed
• It is used for transferring the existing title to
  someone else.
• It states the ownership of the property and all
  the other benefits that are transferred to the
  new person.

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Here is everything you need to know about
property transfer (contd.)

• 4. Relinquishment Deed
• This type of deed is only required when the
  property is owned by more than one person and
  this deed is to relinquish all the shares in
  that property to another partner.
• Tax and stamp duty can vary as per the shares of
  the person who has transferred it. If the person
  owns 10 percent share in the property, then
  taxation will be just for the 10 percent.
• This deed cannot be altered even if there is no
  monetary transition.

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Here is everything you need to know about
property transfer (contd.)

• 5. Gift Deed
• This type of deed is required to certify that the
  ownership of the property has been shifted to the
  new party without any exchange of money.
• This deed is written on a stamp paper, attested
  by two witnesses, and registered to the
  sub-registrar office. Once the process is
  completed it cannot be reversed.

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• These are all the documents required while
  transferring your property. However, documents
  are required based on the kind of transaction.
• Make sure you follow all the legal protocols to
  avoid any kind of legal dispute in the future.
• Know in detail 5 Things You Need To Know About
  Property Transfer

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Contact Us 91 8411963033
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