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Introduction
If you are someone who is looking to transfer the ownership of their property in Gurgaon but not getting any helping hand to help you sail through the procedure then you don’t need to worry about anything we are here to provide you that help hand. The best team of lawyers at Lawtendo will provide you with the right guidance in Gurgaon to have your Transfer Deed.
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What is a Transfer Deed?
A Transfer Deed is a document that is used to transfer the ownership, interest, or rights of the property from one party to another party. The property is required to be a real estate i.e., an immovable property. The reason behind entering into a Transfer Deed is to provide evidence and legality to the transfer of ownership with the help of a Transfer Deed.
Who are the parties to a Transfer Deed in Gurgaon?
There are basically two parties involved in a Transfer Deed. These are as:
Grantor: A Grantor is a person/entity who grants the legal rights of ownership of the property to the other party which is called a Transferee.
Grantee: A Grantee on the other hand is a person/entity who is obtaining the legal rights, ownership, or interests in the property from the Grantor.
What are the types of a Transfer Deed in Gurgaon?
There are three types of Transfer Deed prevalent in Gurgaon. These are:
Transfer Deed for Freehold Property: Where the property is solely owned by a party and they can make any alterations according to their choice to the property is called a Transfer Deed for Freehold Property.
Transfer Deed for Leasehold Property: The situation where the party holds the ownership of the property but is not authorized to make any external alterations to the property is the case where a Transfer Deed for Leasehold Property is required.
Transfer Deed for Mortgaged Property: The situation where a person has taken a loan from the bank in such a case the loan authorities will hold the right to make visits to the property and these scenarios attract a Transfer Deed for Mortgaged Property.
These are the three types of Transfer Deeds prevalent in Gurgaon.
What are the advantages associated with a Transfer Deed in Gurgaon?
There are various perks associated with a Transfer Deed in Gurgaon. These may run as:
Protection of the Assets and the Title of the Grantor: The most important element of a Transfer Deed is the protection of the asset and the title of the grantor. With the help of a Transfer Deed in Gurgaon a grantor protects and preserves the assets and its title by properly transferring the assets to their chosen grantee.
Cost- Effective: It is a cost-effective method in comparison to a Sale Deed because the parties are not required to pay for the Stamp Duty on a Transfer Deed.
Hassle- Free Transfer of the Property: With the help of a Transfer Deed properties can be transferred easily without going into the complexities of a Sale Deed.
Thus, these are the advantages associated with a Transfer Deed in Gurgaon. The above-listed advantages are the most important pointers for signing a Transfer Deed in Gurgaon.
What are the documents necessary for a Transfer Deed in Gurgaon?
The parties to a Transfer Deed must carry the below- mentioned documents for getting their properties registered in Gurgaon. The necessary documents are as follows:
Transfer Deed: The most important document that the parties must keep with themselves is a Transfer Deed. A Transfer Deed is required because it contains all the relevant information regarding the parties to the deed and their respective obligations to it. (A Transfer Deed has been discussed in detail)
Purchase Agreement: After a Transfer Deed, the Purchase Agreement is another important document required to be kept while signing a Transfer Deed. A Purchase Agreement jotted down the specifics related to the property.
Title Report: A Title Report as the name depicts is a report usually prepared by an expert that confirms that the property is free from any encumbrances and the grantee is getting a good and marketable title to the property.
Notarization Certificate: A notarization certificate is a certificate issued by the local notary that confirms that the parties to the Transfer Deed have signed along with the required witness in the presence of the notary and that the notary has seen them while signing the Transfer Deed.
Tax Receipts: The Seller is required to submit the Transfer Deed along with all the government tax receipts of the property to date the Transfer Deed has been signed between the parties.
Certificate of Good Standing: If either the Grantor or Grantee is an Entity then that entity is required to produce a certificate of good standing. A Certificate of Good Standing encapsulates that the Entity is registered in accordance with the rules and regulations of the law.
Seller Disclosure Statements: A disclosure statement is required to be submitted by the Seller mentioning that the disclosures made by the Seller related to the property are correct and accurate as per the knowledge of the Seller.
Affidavit: An Affidavit that confirms the ownership, title, and contents of the Transfer Deed to be true and accurate to the knowledge of both parties is required to be submitted along with the Transfer Deed in Gurgaon.
Miscellaneous Documents: Power of Attorney, Marriage Certificates, Death Certificates, Mortgage Deeds, etc are required to be submitted along with a Transfer Deed as per the situation demands and requirements.
This is the list of the necessary documents required to be kept by the parties to a Transfer Deed in Gurgaon. However, the above-list of documents is purely illustrative and not exhaustive. The list of documents keeps changing as per the needs of the transaction and the parties involved. Therefore, consulting a legal expert to provide the right guidance is required at every stage of registering or drafting a Transfer Deed in Gurgaon.
What are the eligibility criteria for a Transfer Deed in Gurgaon?
The eligibility criteria for entering into a Transfer Deed in Gurgaon are as follows:
Ownership of the Property: The Grantor is required to have ownership of the property that is being transferred through a Transfer Deed in Gurgaon.
Legal Consent: The most important aspect that is required to be followed while signing a Transfer Deed is the consent of the Grantor is to be obtained freely and without any coercion and misrepresentation.
Capacity: The parties to a Transfer Deed are required to be in the capacity of transferring and receiving the property for which the Transfer Deed is being executed.
Consideration: The transfer of the ownership, or interest in the property should be done with an adequate amount of consideration.
Hence, these are the most important points of criteria that are required to be filled in by the parties to a Transfer Deed to be made eligible for signing a Transfer Deed in Gurgaon.
What are the steps involved in obtaining a Transfer Deed in Gurgaon?
There are basically five steps involved in obtaining a Transfer Deed in Gurgaon. These are as:
Drafting the Transfer Deed: The first and foremost step of obtaining a Transfer Deed in Gurgaon is to get the terms and conditions of the transaction along with the parties and consideration noted on a piece of paper with the help of a special real estate attorney in Gurgaon.
Getting the Deed Notarized: The second step in the process of obtaining a Transfer Deed in Gurgaon is to get the drafted deed notarized by the local notary officer in Gurgaon.
Registering the Transfer Deed: After getting the Transfer Deed notarized the next step involves the registration of the deed with the registrar of the local office in Gurgaon along with all the required documents and the necessary fees.
Delivery of the Transfer Deed: The last step in the process of registering a Transfer Deed in Gurgaon is to get the registered copy of the Transfer Deed from the office of the sub-registrar.
These are the steps involved in obtaining a Transfer Deed in Gurgaon. But at every point of time and process a helping hand in the form of a legal expert is required to sail through the procedure of obtaining a Transfer Deed in Gurgaon.
Is it possible to cancel a registered Transfer Deed in Gurgaon?
Yes, cancellation of an already registered Transfer Deed is possible if any of the parties to the Transfer Deed believes that the transaction is voidable and it may have serious implications upon them they can apply to the court for the cancellation of the Transfer Deed in Gurgaon. The only catch here is that the above-mentioned step is only available in the case of a Transfer Deed which is registered in accordance with the rules of the Registration Act, 1908.
Is it possible to find a lost Transfer Deed in Gurgaon?
Yes, it can be made possible to obtain a copy of the lost Transfer Deed in Gurgaon. The steps include as:
Lodging an FIR: The first step that a Grantee is required to do is to lodge an FIR in the nearest police station regarding the loss of the Transfer Deed as soon as it comes to their knowledge.
Publishing an Advertisement: This is an optional step which is on the total discretion of the Grantee to publish about the loss of the Transfer Deed in the local newspaper and wait for a period of atleast 15 days for seeking any responses regarding finding the lost Transfer Deed.
Applying to the sub-registrar: If the Grantee after the closure of 15 days or lodging an FIR as the case may apply to get the registered copy of the Transfer Deed with the sub-registrar by paying a small amount of fees.
Thus, by following the above-mentioned procedure a Grantee may obtain their lost Transfer Deed back in Gurgaon.
Difference between a Transfer Deed and a Sale Deed in Gurgaon
Transfer Deed
Sale Deed
Consideration for signing a Transfer Deed cannot always be in the form of finance; it can be in the form of gifts and exchanges.
Sale Deeds are always in the form of monetary consideration.
It is used for leases, mortgages, gifts, exchanges, etc.
Sale Deeds are mainly for the immovable property.
Registration of a Transfer Deed is always not mandatory.
While registration of the Sale Deed is mandatory.
Transfer Deeds are made for the transfer of ownership
Sale Deeds are made for selling the properties.
Frequently Asked Questions (FAQS)
Q1. Are Transfer Deeds always made for monetary consideration?
Ans. No Transfer Deeds are always not for monetary considerations; they might be for the gift, exchange, and transfer of the interest in the property.
Q2. Who should sign a Transfer Deed?
Ans. A Transfer Deed is required to be signed by both the parties i.e. the Grantor and Grantee
Q3. Is the registration of a Transfer Deed mandatory?
Ans. Yes, it is advised to get the Transfer Deed registered in Gurgaon
Q4. Are the Transfer Deed and Sale Deed the same?
Ans. No, a Transfer Deed and a Sale Deed are two different things. A Sale Deed is for immovable property only while a Transfer Deed is for other things as well.
Q5. Is it possible to get the lost Transfer Deed?
Ans. Yes, it is absolutely possible to get back the lost Transfer Deed from the office of the sub-registrar.
Q6. How much time will it take to register a Transfer Deed in Gurgaon?
Ans. It usually takes around 4-8 weeks to get the Transfer Deed registered in Gurgaon.
Q7. Can a Transfer Deed be amended or canceled without mutual consent in Delhi?
Ans: No, any amendments or cancellations to a Transfer Deed in Delhi require the mutual consent of both parties involved. Legal procedures must be followed after obtaining consent.
Q8. What factors influence the timeline for property ownership transfer using a Transfer Deed in Delhi?
Ans: The time for property ownership transfer in Delhi varies based on transaction complexity, the efficiency of involved parties, and processing times at the registration office. Typically, it spans several weeks.
Q9. Is it mandatory for both parties to be physically present during the signing of a Transfer Deed in Delhi?
Ans: Yes, in Delhi, both the buyer (transferee) and the seller (transferor) must be physically present to sign the Transfer Deed. Witnesses are also required for the signing process.
Q10. Can a Transfer Deed be executed remotely, without physical presence in Delhi?
Ans: Generally, physical presence is required during the signing of a Transfer Deed in Delhi. However, certain legal provisions may allow remote execution under specific circumstances.
Q11. What happens if one party refuses to sign the Transfer Deed in Delhi?
Ans: If one party refuses to sign the Transfer Deed in Delhi, it can lead to delays or legal complications. Resolution may require legal intervention to ensure completion.
Q12. Can a third party witness the signing of a Transfer Deed in Delhi?
Ans: No, the Transfer Deed in Delhi requires witnesses to be present, but they cannot be third parties. The witnesses must be individuals not directly involved in the transaction.
Q13. Is it possible to expedite the property ownership transfer process in Delhi by paying extra fees?
Ans: No, the property ownership transfer process timeline in Delhi is subject to legal procedures, and paying extra fees does not expedite the process.
Q14. Can a Transfer Deed in Delhi be executed in languages other than English or Hindi?
Ans: While Hindi and English are commonly accepted, it's advisable to check with local authorities. In Delhi, using these languages ensures better understanding and legal compliance.
Q15. Are there specific requirements for the stamp paper used in a Transfer Deed in Delhi?
Ans: Yes, the stamp paper used for a Transfer Deed in Delhi must adhere to prescribed denominations and be in accordance with stamp duty rates set by the state government.