The Essentials of Deeds – 101

Essentials of Property Transfer

Every head is turning towards real estates because it has become a lucrative business nowadays. The person, therefore, owns the property, has right to change its ownership and the right to lease it and earn rental income.

A real estate owner has the privilege of selling the property whenever he or she wishes. In some occasions, he can give the property as a gift to whoever he likes. A sales deed is a document which shows the actual owner of property. A successful property transfer is completed when a sale deed is given, and it is registered in the buyer’s name.

For a successful property transfer from one individual to another, there must be a conveyance deed to effect the change of title. An owner cannot change ownership of real estate if there is any legal restriction barring such move. If the seller has granted the power of Attorney to a person, that person has the authority to sell the house under this order. A power of attorney allows a one the right to act with regards to who owns the house. However, the person cannot sell a property if the order only gives the power to manage the property for the owner.
The Beginner’s Guide to Deeds

The sale deed is based on an agreement between the seller and buyer. The document is legally binding, and it can be produced in court as evidence of purchase and ownership. At the time of a transaction, the seller and buyer must append their signatures on the sale deed and a non-judicial stamp paper. It is necessary that all the material with regards to a property transfer must all be registered. The office of registrar is available to facilitate document registration by signing and stamping them. The local authority can only establish the validity of the transfer. Stamp duties charges must be remitted during all this process as a sale of property gains are taxable. Property registration is necessary to prevent any fraudulent and illegal property acquisitions by non-owners of real estate.
The 10 Best Resources For Properties

Once a buyer makes a purchase of real estate, the property title must be changed in his name. The buyer must make application to the local municipal authority for the change of title. This process of the name change will only succeed if the proprietor has presented all the relevant transaction documents to the local authority as evidence that the transaction indeed occurred. All applicable taxes must be submitted to the tax authority.

Change of ownership of real estate is a bit cumbersome and complicated although you must be careful in every move so that you avoid trouble in the future. Be careful in every step you make so that you do not fall prey of fraudsters who have flooded the real estate industry in the recent times.

Comments are closed.