Nothing can match the joy of buying a Home! We all take months to finalize a Sale property, and then invest our hard earned money and lifetime savings in buying a Home. One of the most important decisions a home buyer will make is whether to purchase a property as-is or have an inspection conducted.
The cost and time involved with an inspection would be worth it if problems are found that could lead to costly repairs, but what happens when nothing is wrong? This blog post will help you find out if your purchase should include a transfer assessment.
The first step would be to look at the property title history. If there has been no previous sale on record, then chances are your potential home is in good shape and doesn’t need further evaluation (although this does not guarantee its condition). If there has been one or more sales on record, then ask for copies of those deeds and/or survey records to see how
The Property Tax Record
But that’s not where your Home buying journey ends. Most of us are unaware of the post purchase paperwork that we would need to complete.
Managing the countless legal paperwork which one requires to do for buying a Home is an extremely lengthy process. One such category of legal documents is the Property tax record. Indian Home buyers are unaware about changing the records in the property records when property changes hands.
Although the Municipal authorities maintain the tax record, but if the change in ownership is not done, then tax receipts are generated in the previous owner’s name.
The sale property transfer process is one of the most crucial steps of securing ownership for your new property. It can be overwhelming at first, but it’s important to know these essentials before you make the purchase.
1) You’ll need a solicitor or notary public. They will have all the necessary documentation and paperwork to ensure that your transaction goes through without any issues.
2) The buyer must provide a deposit in order to secure their position as purchaser on an offer they’ve made on a property – this deposit will vary depending 2-5% of the agreed purchase price and should be made payable into escrow account which is managed by the bank.
3) When completing a sale deed, both parties must sign together at same
Read More:- Guide to Rental Property Inhabitability
Aspects of Property Transfer Process
Changing Name in Property Tax document
For 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. Following are the documents that you would require:.
1. Attested copy of the sale transaction deed
2. Receipt of tax last paid
3. Duly filled application form with signatures
4. 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 buyer after the property is purchased. In common language it is also known as ‘ dakhil kharji’. It helps the government 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 essential document is the No Objection Certificate (NOC) for purchase case, and an affidavit for the inherited case.
Buying a home is one of the most important decisions in your lifetime. For some, it’s their biggest investment and for others it may be the only property they own. This blog post has outlined what to keep in mind when purchasing an as-is or having an inspection done on a Home you are considering buying. If this sounds like something that interests you, we can help!
We offer professional Property Transfer services so get in touch with our team today to learn more about how we can make all of your real estate dreams come true.