![]() The testator can make changes in the inheritance or Will deed during their lifetime. When a property owner dies, all his/her properties are transferred to the successor as per the Law of Succession. Will deed property transfer in India occurs when the owner dies, and their successor such as their children, wife, or other individuals are legally entitled to it and will receive the Khata or Patta transferred to the next generation.Ī person can gain land through a Will deed or inheritance. Property transfer through Release deed can take place with or without consideration, i.e. When one co-owner is required to transfer the property’s rights to another, execution of the Release deed or relinquishment deed is necessary. There may be multiple owners of a single asset. It is quite a cost-effective method of transferring ownership. You will not be able to ask for any monetary compensation or switch the transfer. If you gift any asset like land or house, it will henceforth belong to the respective recipient or beneficiary. Please remember that this type of transfer is irreversible. If it is an immovable property, you must register the Gift Deed under Section 17 of the Registration Act, 1908. It can be in the form of cash, movable property or immovable property.Ī gift deed is used for gifting properties to any of your family members or friends. It is something that is received without any second thought, or you may say an asset claimed without giving anything in return. Gifts can be in the form of houses, shares, money, jewellery, etc. After the sale deed is enlisted in the Sub-Registrar office, the new owner gets all the ownership rights. Legally, the enrollment of a sale deed or transfer deed is necessary. A simple example is when you have a property in possession and wish to sell it for a sale value. The most famous property transfer method in India is through Sale deeds. Here we will discuss the five most common ways to transfer property in India in complete compliance with the law. However, they are bound by legal obligations. ![]() ![]() Involuntary alienation or involuntary transfer refers to a situation where the property owner has not explicitly consented to their property transfer. The transfer can be done in various ways like a gift, will, sale, mortgage, exchange, or lease. It depends on the situation and what kind of transfer you would choose to have.Ī voluntary transfer is when the owner willingly transfers his properties. There are primarily two types of property transfers in India. Therefore, to avoid these frauds and complications, you must efficiently transfer the property at the earliest in your name according to the legal procedures. Many factors may lead to illegal land transfer and complications by third parties. In India, when you claim property through gift, inheritance, purchase, relinquishment or something else, you need to ensure that all the revenue records and mutations are prepared in your favour as early as possible.Īn overseas citizen will have no trusted representative for property transfer in India. ![]() The options may vary depending on the circumstances. Property transfer in India can occur in a variety of ways such as gifts, mortgages, or sales.
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