Essentials To Know About the Property Transfer
Well there is nothing that can match the thrill of buying a Home! We all take months to finalize a property, and then invest our hard-earned money and lifelong savings in buying a Home.
However that’s not where your Home buying journey really ends. Most individuals are unaware of the post purchase paperwork that we might need to complete.
Managing the countless legal paperwork which one requires to do for purchasing a house is a very lengthy process. One such important category of legal documents is actually the property tax record. Indian Home buyers are unaware about changing the records within the property records when property changes hands. Although the Municipal authorities maintain the tax record, but if the change in ownership isn’t done, then tax receipts are generated in the previous owner’s name.
Given below are two significant aspects of property transfer process:
Changing Name in Property Tax document
For changing the name on the property tax document, you really need to submit few documents to the Commissioner of Revenue, post which the verification is completed in 25 to 30 days. Following are the documents that you would require:.
1. Attested copy of the sale transaction deed
2. You need a Receipt of tax last paid
3. You also need a Duly filled application form with signatures
4. Last but not the least you even require a 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 client after the property is purchased. In common language it’s also referred to as ‘ dakhil kharji’. It helps the govt. charge taxes to the new Owner of the property.
All you really need to do is submit an application to the Tehsildar with a non-judicial stamp on it. Furthermore, the most essential document is actually the NOC or No Objection Certificate for the case of purchase, and an affidavit for the inherited case.