There are 4 types of property transfer which are Sale Deed, Gift Deed, Relinquishment Deed and Will. You can choose any one of these 4 options according to your need.
There is a need to be very careful while buying and transferring property. There are 4 types of property transfer which are Sale Deed, Gift Deed, Relinquishment Deed and Will. You can choose any one of these 4 options according to your need. Each one of them has a different role.
#1. Sell Deed
When you sell your property to another person for money, it is called a sale deed or sale deed. This is an agreement in which the terms of transfer of property are written. In this, there is a contract of terms between two parties for the sale of property.
caution
– The sale deed must be in writing and legal.
While making the sale deed, two witnesses who have Aadhar card should be signed.
The size and value of the property should be mentioned in the sale deed.
– In which direction the property is located, how much price has been paid, all this information is written in the sale deed.
Stamp Duty on Registry
Stump duty varies from state to state. If we talk about Delhi, then here the stamp duty is 4% of the entire property if the sale deed is made in the name of the woman. Along with this, you have to pay an additional percentage of 4%. If a sale deed is made in the name of a man, then it attracts 5 percent stump duty and 1% other duty.
#2. Gift Deed of Property
If any person gives his property in the form of donation or gift to any person according to his wish, then such property transfer is called Gift Deed. In this type of property transfer, nothing is taken against the property. If the person in front takes a price in exchange for that property, then the meaning of the gift is lost.
caution
In the gift deed also, like the sale deed, written and legal sale deed is made.
Property details should be clearly mentioned in the sale deed.
For making a gift deed, two witnesses are also required who have Aadhar card.
Stamp duty on gift deed
You also have to pay stamp duty on the property transferred through gift deed. It attracts the same stamp duty as was charged at the time of making the sale deed.
#3. Relinquish Deed of property
When the owner of a property voluntarily renounces his share of the property and gives it to another shareholder, it is called Relinquish Deed. Under the Hindu Property Act, you can give your property in the name of your brother or any relative in blood relation. Like you have 2 brothers in the house and both have equal land in their share. In such a situation, if you want that you also give your property to your brother, then that property will be transferred under Relinquish Deed i.e. Renunciation Nama. In this you have to transfer your entire property.
Stamp duty on relinquish deed
There is a nominal fee charged by the state for transferring such properties. In this you can transfer property with very less stamp duty.
#4. Will of property
Will is a document in which it is written that after the death of the owner of the property, who will have the right to that property. Will is made for both property and business. Through this, a person voluntarily transfers the right of his movable or immovable property to another person after his death.
Conditions for Will
The age of the person who made the will should be more than 18 years.
The will should be in writing and one copy should be with the registrar and the other copy with you
The will should have the signatures of two witnesses.
These were the 4 main methods of property transfer that are most commonly used at present. If you are getting the property transferred, then do not get it done through a notary, it is recognized but it is a little less. You should get the property work done from the registrar’s office by paying the stump duty.
