Acquisition & Transfer of property
A
property can be transferred from one person to another in various ways. They
are listed below:
o
Succession
or inheritance
o
Will
o
Settlement
o
Partition
o
Release
or relinquish
o
Gift
o
Sale
or purchase
o
By
Government grants (Ryotwari, Inam or Grants)
o
By
statutory bodies viz Slum clearance board, housing board, etc
o
By
Banks, FIs vide SARFACI Act
o
By
Courts by decree on disputes
o
By
society or trust
o
Boodhan
or other schemes similar to gift
o
Adverse
Each
and every above ways, except succession, requires a document to establish or evidence
the transfer of property. The document which confers title on the claimant is
called title deed. For example the deed by which a person sell his property to
another, then the deed is called sale deed.
Other
than these title deeds, some other documents are also important to trace the
title of the property, they are:
o
Patta,
Chitta
o
Approval
by CMDA, DTCP, Corporation, Municipality, Panchayat union
o
Death
certificate
o
Legal
heir certificate
o
Encumbrance
certificate
We
shall, one by one, see the law governing each type of transfers, in the coming posts.
my father made a property settlement WILL to my brother. My brother has mortgaged it in a bank. Now he wants to sell it. Can he transfer the property to me by settlement or gift deed, and i am ready to take up the loan, and even the bank is fine with it. Please clarify if this attracts any stamp duty charges in Chennai. If yes, please let me know the charges for it. Advance thanks for the suggestions.
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