Property transfer is a very common occurrence, be it inheritance or sale or purchase but is definitely not an easy one. It is mandatory to follow the legal procedure to transfer the property for the transfer to be legally valid. And any further transaction, like the sale, construction or mortgage will be invalid if the property is not legally transferred to your name. Thus, it is imperative to have the property transferred to your name legally and in the due course of the time to avoid any legal hassles. Unlike in the western countries, Property Transfer is a lengthy procedure in India, that includes a lot of research and paperwork. This lengthy procedure becomes all the more cumbersome in case of NRI as they can not be physically present while the procedure is being done to transfer the property. We offer specialised services for NRI in property matters to make the entire process easy and smooth for them. Our experts provide them with the requisite legal guidance and the experience necessary to handle such cases.
Types of Transfer
Transfer of Property can be of different types and for various reasons, detailed as below:
- By Inheritance – This is the most common type of property transfer in case of NRI. According to Indian Law, it is the legal right of children to inherit the property of their forefathers. Here also, the property can be transferred by means of Will or through natural succession in case there is no will. In both the cases, the nominee needs to furnish the requisite documentation in the court of law to make the transfer a legal tender.
- Transfer by Purchase – Sale or Purchase of property always holds a hint of risk in it. Thus, it is always advisable to make sure that the documents of the said property are complete and in order. Our experts will carry out all the necessary research and paperwork required along with offering the legal guidance pertaining to any matter related to the property transfer.
- Transfer by Gifting – Property can be transferred by the way of gifting too. In the gift deed, there is no exchange of money for the transfer, unlike the sale deed. But it is necessary to register the gift deed with the concerned authorities to legally hold the title. A gift deed, once signed is an obligatory transaction, i.e it can not be cancelled.
After the due research in the past and current records of the property documents, transfer of title takes place with the registration of the property in the name of the new owner. This establishes his/her right on the property legally. Registration of the property requires the buyer to pay the stamp duty and other registration charges to the government of the state where the property is located and is calculated as a percentage of the sale value of the property. Since stamp duty falls under the state, the registration costs vary from state to state. Once the registration process is complete, the title of the property is known to be legally transferred to the new owner who has complete right to perform further activity or transaction on his/her property. NRI clients require a trustworthy and efficient counsel who can handle the transfer process and at NRI Legal Services we make sure that you are provided with the best in term of services and experience.