Transfer of Ownership / Document Registration Law Service

The term ownership means a person has a right or owns the property. Every owner has the right of possession, right of way, right to transfer, right to its use, and the right to earn rent from the property.

Document registration

Document registration gives authenticity and validity to the document. The document can be registered under the Registration Act, 1908. Document registration has become compulsory with the complete transaction.

Three ways to transfer property in India

Ownership of property can be transferred through different methods.

Sale Deed

It is the most common way to transfer the property. If a person sells his property to another person, then a sale deed is existing between the two parties.

The ownership gets transferred to the new owner when the sale deed is enlisted in the sub-registrar office.

Gift deed

Using the gift deed, you can transfer the property ownership is by 'gifting.' Under section 122 of the Transfer of Property Act, 1882, voluntarily gifting a property can be done.

A gift deed is a better method than a sale deed. There is no need to pay the taxes when you were gifting the property to relatives. But the stamp duty and registration charges need to be paid.

If the gift is made to the non-relative person over Rs 50,000, the recipient will have to pay the taxes.

Relinquishment Deed

If the property has a single owner, then we can go for the above deeds. When the property has multiple owners who want to transfer their share to another owner, then the transfers happen through relinquishment deed.

The stamp duty is applicable only on that portion and not applicable on the total property value. This transfer is also irrevocable, as like the gift deed.

Documents needed for mandatory registration

Gift instruments of Immovable property
As mentioned in section 53A of the transfer of property act, 1882 Contract to transfer the Immovable property
Immovable property Lease from year to year
A non-testamentary transaction that should involve the sale of immovable property.

Documents needed for non-mandatory registration

Under Section 18 of the Registration Act, 1908 holds that the following documents are needed
Mortgage agreement
Will
Sale granted certificate
Promissory note
Past transaction of documents
Order of court comprising an immovable property.
Thus, there are many legal procedures for transferring ownership and document registration. Visit Lawyers gives you the best legal solution. We have a well-experienced lawyer they can help you to sort out all type of issues.

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