Knowing how to buy parents house legally in India involves several steps to ensure that the transaction is conducted smoothly and in accordance with the law. Firstly, you must have a discussion with your parents about the sale and ensure all parties are in agreement regarding the decision.
How to Buy Your Parents House?
Verify that your parents are the rightful owners of the property. Request them to provide the title deed and check for any encumbrances or disputes related to the property. The documents that you must collect are,
Title deed
Encumbrance certificate (to prove the property is free from legal dues)
Property tax receipts
Approved building plan
Sale deed (if applicable)
Identity proof of all parties involved
Prepare a sale agreement that outlines the terms and conditions of the sale, including:
Sale price
Payment terms
Possession date
Any conditions agreed upon
Both parties should sign the agreement, and it is advisable to have it notarized.
Draft a sale deed, which should include: Details of the property, Names and addresses of both parties, and Sale price. The sale deed must be executed on a non-judicial stamp paper of value as per state regulations.
Register the sale deed at the local sub-registrar's office. Both parties must be present along with two witnesses. Pay the applicable registration fees and stamp duty, which varies by state.
After registration, apply to the local municipal authority (e.g., BBMP in Bangalore) to transfer the Khata to your name. Submit the registered sale deed along with other required documents.
Ensure that property tax records are updated in your name to avoid any future disputes regarding tax payments.
If there are any existing loans or liabilities on the property, ensure these are cleared before the sale is finalised. I hope this helps you understand how can I buy my parents house.
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Authors Of The Question
How to Buy Parents House?
Dhriti
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1 Answers
3 months
2024-10-21T10:41:03+00:00 2024-10-21T10:41:03+00:00Comment
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