NRI Property disputes
The transfer of property or assets related to immovable real estate is a problem that Overseas Indians encounter frequently. All such matters relating to the transfer of agricultural, residential, or commercial real estate fall under the jurisdiction of the states due to the federal structure of India as a nation. This makes things even worse for NRIs and makes it more difficult to execute property transfers because each state has separate laws, regulations, and taxes that apply to these transactions.
The only means to transfer ownership from one person to another is through property transfer. A real estate asset must be owned by the person who intends to actively control, manage, develop, construct, mortgage, or sell the asset. Due to their physical distance from the property and the fact that they often inherited it, NRIs should pay extra attention to this since they often own properties that are physically far away from them. Therefore, it is essential to get the property transferred and ownership documents updated in order to be able to manage and secure the real estate asset. After the property has been transferred, the new owner’s name is accurately entered into the pertinent government records.
In contrast to Western nations, India’s legal system makes the transfer of real estate assets a time-consuming, laborious process that requires the submission of suitable papers, passing through verification procedures, and finishing all required legal formalities. Since they differ from state to state, these procedures are made more difficult.
Depending on whatever state in India the property is located, there are a number of different ways that such a property transfer may be accomplished. The procedure for transferring property can also change depending on whether the individual to whom it is being passed is still alive or not, and it also depends on whether the decedent left a will. Either natural succession or a Will can be used to transfer a deceased person’s possessions. Immovable property passes to all class 1 legal heirs in the event that a person passes away intestate, that is, without leaving a will. There are a number of documents available via which a property owner might transfer their title rights to another person while still alive, including a gift deed, transfer deed, relinquishment deed, sale deed, etc.
It is important to note that regardless of the method of transfer, the instrument of transfer must be registered with the relevant government agency in order to be considered final and enforceable. The gift deed, transfer deed, relinquishment deed, or sale deed only becomes legally binding after being registered with the appropriate authorities. In order to register a property transfer in India, stamp duty and other registration fees must be paid. Rates vary from state to state and are based on a portion of the commercial value of the real estate asset. The property can be changed after the transfer instrument has been successfully registered
We at NRI Paperwork Solutions, a leading international law practice, offer our customers end-to-end services to help them complete the transfer of properties into their names. We can legitimately claim to be the leading firm in India offering this turnkey service of executing transfers for any type of property across India that is fully compliant with the existing laws and statutes thanks to our more than two decades of experience and in-depth understanding of the nuances that govern the transfer of such properties across any state of India, coupled with our pan India network of highly experienced lawyers and specialists in revenue.