Why Is Mutation Of Property Important?by Aartiada Ni i m blogger
The 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.
Created on Dec 10th 2020 22:50. Viewed 180 times.