How can one transfer the property of deceased? If will exist’s or it do not exist’s.
There is a legal procedure to get the property transferred in the name of the legal heirs or beneficiaries. Here’s how you can go about it.
If there is Will, the transfer process is more straightforward, provided no one contesting the Will. The executor will administer the transfer based on the beneficiary stated in the Will.
In the absence of Will, the property is distributed based on the applicable succession laws. Legal heirs can also mutually decide among themselves on the distribution of assets if things are amicable.Once they finalize the distribution, heirs can draw a family settlement deed where each member signs, which can then be registered for official records.
Paperwork to be done
To transfer the property, you need to apply at the sub-registrar’s office. documents needed here will be ownership documents, i.e a Will with probate or succession certificate.
No Will Exist’s — the legal owner died, the legal heirs will need to submit no-objection certificates depending on the settlement. If the beneficiaries pay other legal heirs to obtain their shares, it should be mention in the transfer paper. After registration is done, beneficiaries must also apply for mutation of the title. “which reflects the change in ownership in the revenue records”. It should be done at the local municipal office. Once the mutation is done, the property tax will be in the name of the new owner.
If the property has an ongoing home loan, the beneficiary will need to repay the entire loan. Only then they can get the property transferred in their names. The lender keeps all the original records when giving a loan. Only on repayment it would give back the property-related documents.