Why Is Mutation Of Property Important?
by Aartiada Ni i m bloggerThe very first thing a prospective
buyer asks for when you are selling a property is the mutation document. Many
people who buy or sell the property for the first time, do not know anything
about mutation document which is essential for property-related transactions.
By mutating a property, the new owner
gets the property transferred to his/her name and a mutation document registers
this information. The document is transferred to the land revenue department
and that’s how government charges property tax from the rightful owner. Every
state has its own rules for documentation procedure and the fee varies from
state to state.
Typically known as ‘Dakhil Kharij’,
mutation documentations should be checked within a time frame of every six
months in order to ensure that no wrongful documentations and transactions are
done. When the property is inherited after the death of the owner, the death
certificate and relationship documents are also required.
Importance of mutation of property
The reason why municipal bodies in
every state judiciously maintain mutation property documents is that they have
to fix property tax payment liabilities. Besides helping the government bodies
to maintain documentation, it also benefits house owners by easing the process
of paying property tax. Rightly maintaining the mutation documents also help in
selling property easily in the future.
Different cases to file for property
mutation
Every state has different parameters
for a property transaction in different states. While the retail price
for sale in Ahmedabad can be quite affordable, it can be terribly high
in regions like Mumbai and Delhi.
Though, the parameters are different
in every state, a property mutation deal usually happens in the following
cases:
- Buying property: While
buying a property, one requires a copy of the sales deed, an affidavit, an
application of mutation documents with court fee stamp, current property
tax clearance papers, and indemnity bond on a stamp paper.
2. Property transfer to the heir after the death of
owner: This transfer of
property requires documents like a copy of the will, a death certificate, the
latest copy of tax clearance papers, an affidavit of stamp papers, and the
latest property of tax clearance papers.
3. Property bought by power of attorney: This property mutation type requires a copy
of the power of attorney papers, an affidavit on stamp paper, an indemnity bond
on a stamp paper, latest tax clearance papers, and application of court fee
stamp.
Whether you are buying a 3
BHK flat in Ahmedabad or selling a lavish bungalow in Goa, property
and mutation documents are a must requirement in all cases. Any fraud or
mishandling of such documents can cost both owner and buyer, a big chunk of
loss.
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Created on Dec 10th 2020 22:50. Viewed 382 times.