4 Things You Need To Know About Property Mutation

by Ankita Sehgal Freelance Blogger, Lives in New Delhi

Property mutation is an important term that every real estate investor and home buyer should be aware of. It’s one of the most important documents when it comes to transfer of property through any process or channel.

Whether it is agricultural land or a ready-made home, the mutation of property serves as your legal document of ownership. It’s also important when filing property tax and when redeveloping or selling it to a new owner. The document should be updated from time-to-time for each asset owned by the individual.

Property Mutation - Introduction

The term mutation refers to the change in the title of ownership of the property in question. Anytime the property is sold or transferred, the new property owner will have to record their name with the governing bodies. The land revenue department will also need to update their records to keep your property compliant with regulations. The government will then charge the appropriate taxes incurred which vary from state to state.

Mutation vs Registration

Real estate experts such as Vinod Goenka recommend that owners get their mutation done as soon as possible. This is because there is a stark difference between the registration being changed and the mutation being processed. While the sale deed of the property is registered at the sub-registrar’s office, the buyer can also file for the mutation of the property. The seller would then have to arrange for the right documentation to ensure streamlined transference.

In what cases is property mutation necessary?

Anytime there is a need to change the ownership of the property, a mutation record is necessary. This is applicable in the case of inheritance as well, so that the new owner can legally record their name against the property. It’s also applicable in the case of transference through a will or a gift deed as well. When the property is legally being transferred to your name, the mutation process must be initiated as well. Buyers generally keep ahead of the trends by watching leading experts on media forums including Vinod Goenka news to understand the latest developments.

The legal process for property mutation

Property mutation is also known as “Daakhil-Kharij” and is an important process to initiate upon transference. While the regulations may vary state to state, the general document lists include the following. You need to provide the appropriate documents depending on your situation.

Sale Deed Copy – If you’ve purchased the property.

Application of mutation – Along with court fee stamp affixed.

Indemnity bond on stamp paper & Affidavit on stamp paper.

Updated property tax clearance documentation.

Death certification/Copy of Will/Owner note – In the case of death or gift

Power of attorney, if necessary