Everybody wants to be the owner of a home and property in their life. So they can live with their family happily and build and renovate the home according to their dream. It may cost you high if you stay for a long term at a rental property as a tenant. That’s why most people plan to buy a property to build a home or shop. There are different ways to transfer property ownership, depending on the type, source of the property, and location of the property.
How Can You Become a Property Owner?
Some of the common methods that most countries’ laws follow are:
Sale deed
This is the most popular method of property transfer. If you own a property and you want to sell it for a consideration, such as money, then you can execute a sale deed with the buyer. The sale deed must be registered at the sub-registrar office to transfer the ownership to the buyer. Sign the sale agreement and pay the stamp duty and registration charges. The sale agreement is a legal document that transfers the ownership of the property from the seller to you. It should include all the details of the property, such as its location, size, price, etc., as well as any terms and conditions agreed upon by both parties. You will also need to pay stamp duty and registration charges for completing the transaction.
Gift deed
This is a method of transferring property without any payment or consideration. You can gift your property to anyone, such as a family member, friend, or charity. The gift deed must also be registered at the sub-registrar office to make it valid.
Will
This is a method of transferring your property according to your wishes after your death. You can make a will and specify who will inherit your property and how much share they will get. The will must be probated by a court or an executor before it can be executed. One possible sentence is: To become an owner of the property and home, you need to complete a legal process of transferable titles from the seller to yourself, by paying the agreed price and registering the deed at the relevant authority.
Partition
This is a method of dividing a joint family property among the members according to their shares or rights. Partition can be done by mutual consent or by court order. Partition must be done by an advocate and registered at the sub-registrar office.
Relinquishment
This is a method of giving up your share in a joint family property voluntarily or involuntarily. You can relinquish your share by executing an agreement with other members or by court order. Relinquishment must also be registered at the sub-registrar office.
These are some of the ways to transfer property ownership. However, before you execute any of these methods, you should consult a real estate lawyer who can guide you through the legal process and ensure that there are no issues or disputes regarding your property.
