essentials to know about the property transfer

essentials to know about the property transfer

12 Jan

Nothing can match the thrill of buying a Home! We all take months to finalize a property, and then spend our hard-earned money and lifelong savings in purchasing a Home.

But that’s not wherever your Home buying journey ends. Most of us are unaware of the post-purchase paperwork that we would need to complete. Managing the many legal paperwork that one needs to do for buying a house is a very long process. One such category of legal papers is the property tax record. Indian Homebuyers are careless of changing the records in the property records when the property changes hands. Although the Municipal officials maintain the tax record, if the change in residence is not done, then tax receipts are generated in the former owner’s name.

Following are two important aspects of the property transfer process:

  • Changing Name in Property Tax document

    To changing the name on the property tax document, you need to submit few documents to the Commissioner of Revenue, post which the verification is done in 25 to 30 days. The following are the documents that you would require:-

    • Attested copy of the sale transaction record.
    • Receipt of tax last paid.
    • Properly filled application form with signatures.
    • No Objection Certification from the associated housing society.
  • Mutation of property

    This is a method that helps in assigning the title ownership from the property owner to the buyer after the home is purchased. In common language, it is also known as ‘dakhil kharji’. It helps the administration charge taxes to the new owner of the property.

    All you need to do is submit an application to the Tehsildar with a non-judicial stamp on it. The most necessary document is the No Objection Certificate (NOC) for the property case, and an affidavit for the acquired case.

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