- 4 Types of Property Transfer DeedsMay 7, 2018
The owner is entitled to transfer the property rights to someone else on instances of serious illness, retirement plans or during sale of the property. In such instances, a legal procedure should be adopted to register the property transfer from the existing owner to the new owner. A property transfer should always come with a deed which is the legal document that ensures that the property transfer is lawfully valid and that the property title is clearly defined.
Here are the 4 major types of deed that are used to transfer both commercial and residential property.
1. Sale Deed
A sale deed documents any property transfer made through sale or purchase. It is an important legal document under the Registration Act and is mandatory for both the seller and buyer. The sale deed includes all the important details of the buyer, seller and about the property. It should also disclose that the property under sale is free from encumbrances and legal disputes.
2. Transfer Deed
The transfer deed is used to transfer the existing property title to someone else’s name. In this deed, the owner transfers the property rights as well as the benefits rising from it. Also, a transfer deed cannot be executed during the sale and the purchase of a plot.
3. Relinquishment deed
This deed is used when the owner is willfully transferring the property to the co-owner and is relinquishing all his share on it. A relinquishment deed is irreversible once signed by both the parties and is registered.
4. Gift Deed
This documents the transfer of the property without any exchange of money, especially as a gift to someone. The gift deed is registered with the sub-registrar and the transfer is irrevocable once the deed is registered.
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