Thursday, 7 June 2018

Essentials To Know About the Property Transfer

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Nothing can match the joy of buying a Home! We all take months to finalize a property, and then invest our hard earned money and lifetime savings in buying a Home.
But that’s not where your Home buying journey ends. Most of us are unaware of the post purchase paperwork that we would need to complete.
Managing the countless legal paperwork which one requires to do for buying a Home is an extremely lengthy process. One such category of legal documents is the Property tax record. Indian Home buyers are unaware about changing the records in the property records when property changes hands. Although the Municipal authorities maintain the tax record, but if the change in ownership is not done, then tax receipts are generated in the previous owner’s name.
Here are two significant aspects of property transfer process:
Changing Name in Property Tax document
For changing the name on the property tax document, you need to submit few documents to the Commissioner of Revenue, post which the verification is done in 25 to 30 days. Following are the documents that you would require:.
1. Attested copy of the sale transaction deed
2. Receipt of tax last paid
3. Duly filled application form with signatures
4. No Objection Certificate from the associated housing society
Mutation of property
This is a process which helps in transferring the title ownership from the property Owner to the buyer after the property is purchased. In common language it is also known as ‘ dakhil kharji’. It helps the government charge taxes to the new Owner of the property.
All you need to do is submit an application to the Tehsildar with a non-judicial stamp on it. The most essential document is the No Objection Certificate (NOC) for purchase case, and an affidavit for the inherited case.
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