Real estate deed transfer refers to transferring the title or registration of a particular property. You might have inherited this property from your parents or next of kin. You would be aware that in our country, the process of transferring the ownership or title of a property is very cumbersome and difficult owing to zillions of procedures involved. In case the owner of the property did not make a will, then the transfer will go into dispute and many more complications. If there is a written or registered will, then it becomes a bit better but still the procedure is complex and many documents are needed for property title transfer.
To make this confusing process a little simpler for you, here are some points you can remember:
Always take legal and professional advice: It’s advisable to hire a lawyer when you decide to gift or sell the property. You will need an attorney’s help in doing the paper work and legalities.
Get the valuation done or know the market price: It is important to know the fair market value of your property before transferring it as it gives you an idea about the fluctuations regarding the capital gains tax event (known as CGT event).
Warranty deed: It is imperative that you get a warranty deed made before you transfer the property to someone’s name. A warranty deed is also termed as the Grant Deed and helps in transferring ownership of the property to the transferee.
Gift deed: A property can be transferred as a gift too but only when it is mentioned in the will of the owner. Transferring a property as a gift deed requires a stamp duty and that duty is fixed by the government. But in case it’s a will deed, there’s an implied stamp duty and the will comes into effect after the demise of the person. The will deed can be registered or can remain unregistered.
Basically a property can be transferred in many ways. If a will is not there, then the legal heirs or successors get the property and hence the transfer in their name. But if the owner is alive and wants to give his property to someone, he/she can gift it and change the title or ownership to a family, friend or kin. Other than that, one can buy or sell a property and hence the title transfer. But these procedures are not legally valid till the gift deed is properly registered. The registration involves stamp duty and other costs for registration. These costs are calculated as per the value and the rates applicable from state to state.
But imagine if you are not staying in that city or if you are an NRI, then this procedure can be a nightmare for you. Getting a trusted representative to help you complete the formalities and procedures is next to impossible as it requires accurate knowledge and precision in completing the paperwork and related tasks.
We, at Hometurph, offer you property deed transfer services at reasonable charges and take care of most of your worries related to this. Simply connect with us and let us know the details of your property title transfer in Bangalore and we will pitch in for you.