Make property transfer facile with the help of NRI Property Transfer Lawyers
Property, whether tangible or intangible, is an asset that an individual or group of individuals legally possess. And to ascertain the lawfulness of the property, it is imperative that the property transfer takes place according to the requisite norms of the law of the land.
Property Transfer is the ceding of the ownership rights from the seller/owner in favour of another person. Property can be transferred by means of sale, gift, inheritance etc. There are so many legal compulsions attached to the property, that it becomes apparent for the new owner to look into all the documents and past records to be absolved of any future legal implications.
In case of NRI’s, this becomes more pressing issue as they cannot be physically present while all the lengthy legal procedure is being pursued. They need to have a trusted and competent authority who can look over the transfer for them. Here comes into play the role of specialized NRI Property Transfer Lawyers. They are the lawyers, who specializes in handling the property transfer cases of NRI’s.
Lexlords Property Management Services, is a consortium of lawyers, specializing in various matters related with the NRI’s, including property transfer. We offer customized solutions based on the expert advice of our leading NRI Property Transfer Lawyers and ensure that the transfer is carried out in accordance with the law. NRI Property Transfer Lawyers will also look into various documents to check for any discrepancies, ruling out any chance of fraud and forgery.
Property Transfer can be of two types:
Voluntary Transfer – In voluntary transfer, the owner transfers the rights by his own will. The transfer can be for various reasons, like as a gift, for sale, for succession etc. NRI Property Transfer Lawyers, in case of voluntary transfer, do all the paper and research work necessary for the legal transfer.
Voluntary transfers can be further dissected into-
1) Transfer by Inheritance – Children inherit the property from their forefathers. In the eyes of the law, it is the right of the children to have equal shares in the ancestral property that is in the family for generations. Although in case the property in question, has not been passed on through generations, it is the right of the owner(testator) to choose anyone as his/her successor.
It is easier to establish a successor if the testator has prepared a ‘will’. In such cases, the individual named as successor will just need to submit the copy of will along with the death certificate to get the ownership transferred in his name.
But if the owner has died intestate, i.e without any will, the property will be transferred according to the law. The prevalent rule is to divide the property equally amongst legal heirs.
It is advisable to have your will made and registered, though not compulsory, to rule out any dispute or litigation for succession rights.
In all the scenarios, NRI Property Transfer Lawyers will guide you through. In case of any dispute or litigation for succession rights, our team of NRI Property Transfer Lawyers will try to get the best result, be it through arbitration or other reconciliation means, through mutual understanding between parties, or if need be through litigation.
2) Transfer by Purchase – ‘Transfer by purchase’ comprises of the maximum number of transfer cases in the country. The purchase may be of the land, home, buildings, stocks and such. In legal terms, it is known as the Sale Deed. Once the sale deed is agreed upon by both the parties, it is applied for the enlisting in the sub-registrar office. The ownership now legally rests with the buyer.
In case of the purchase, the NRI Property Transfer Lawyers work in collaboration with title searchers to make sure that the proposed property by the broker/seller is worth investing the money in. Further, NRI Property Transfer Lawyers will do all the paperwork and running around to register the property in your name.
3) Transfer by Gifting – Transfer by gifting means, when an asset, be it land, or house, or jewellery, that is received without paying any compensation. It can be from a father to his kids, or among other relations. A gift deed, once signed is an unavoidable transfer, i.e it cannot be cancelled, and the asset belongs to the beneficiary. Further, no compensation or money can be asked in lieu of the gift.
If you wish to transfer any property, by means of gifting, NRI Property Transfer Lawyers will complete the requisite documentation and conditions, if any.
4) Transfer by Relinquishment – Relinquishment means to release or to give up your right in the property share. When a property has multiple owners and any one of them wishes to transfer his share to another person, he can do so by signing a relinquishment deed. Relinquishment Deed, just like Gift Deed, once signed cannot be cancelled.
It is often seen in the case of intestate deaths, that parents relinquish their share in favour of their kids. NRI Property Transfer Lawyers will chart out a relinquishment deed, so that you can transfer your shares smoothly.
5)Transfer by Partition – It usually takes place between the co-owners on the instruction of the court or local tax authorities. Partition deed may be a result of some dispute among the owners or any tax implication.
NRI Property Transfer Lawyers will safeguard your rights in the court of law, if and when required. You can also appoint your NRI Property Transfer Lawyer as attorney-in-law for such cases.
Involuntary Transfer – Involuntary Transfers happens only in the case of financial fraud or scam by the owner. In involuntary transfers, the property of the owner is attached by the court to pay his impending debts.
In conclusion, transfer of property is a sensitive matter, with a lot of legal implications if gone disarray. So, it is advisable to appoint the specialised NRI Property Transfer Lawyers, to steer clear of any dispute with the authorities or any other complication.