There are many ways through which property can be transferred and governed by applicability of various prevalent laws. Transfer of Property can be done by individual, trust or company to another. Property can be transferred in various ways like Sale, Gift Deed, Release Deed, Will, Lease, and Leave & License.
All the above mentioned modes of transfer of property have different procedures and the prevailing rules are as per the laws applicable to each of them. In most of the cases The Transfer of Property Act is applicable. It contains provision regarding the transfer of property and the procedures to be followed. There are various precautions which a buyer/vendor should take before purchasing a property some of the most important amongst them are:
Every buyer should ask and check all the deeds of Title related to property. All the documents should be properly ascertained and scrutinized so that the ownership of the seller can be easily made out. In case of any query of problem one should approach to his advocate for further assistance before buying a property.
Search report should be conducted before purchasing any property. Search Report gives the full details regarding all the previous transfers with their respective owner's details. The search report helps in proper check regarding the present owner of the property.
Before buying the property buyer should always check whether there are any encumbrances on the property proposed to be purchased. Buyer should also check if there are any outgoings to be paid for the property: Property Tax, Water and Electricity charges, Society charges or Maintenance charges.
It is very necessary that before finalizing for any property purchase one should ascertain the terms of the transfer regarding the amount for which property is transferred, the stamp duty and registration charges.
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