Tips To Transfer Your Real Estate Property

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Tips To Transfer Your Real Estate Property
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If you are looking for ways to transfer your
immovable assets or real estate property, you
have three legal options sale deed, gift deed
and relinquishment deed. These are some of the
most widely used means of transferring or
acquiring a property.
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Sale Deed- Also known as transfer deed, a sale
deed is one of the most popular means when we
sell our property for monetary consideration,
which has to be registered at the sub-registrar's
office, after which the property gets transferred
to the new owner (who may or may not be related
to you). It is a safe and guaranteed way for real
estate transfer New York.
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A registered sale deed is a proof that you have
sold your property, it represents the contract
between the buyer and the seller stipulating an
exchange of property for currency, and will keep
forgeries and frauds at bay as the transaction
information will be in the public domain.
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Gift Deed- Another way to transfer property is as
a gift, where you can gift your immoveable and
moveable property without any exchange for
money.Gifts of real estate involve drafting a
deed on a stamp paper, attested by two witnesses,
and registering it with the registrar's office.
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The fact that there are no tax implications if
you are gifting a property to your relative
(which can be your spouse, sibling, siblings of
your spouse, siblings of your parents, etc.) is
what makes it a very popular option to transfer
real estate.
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Relinquishment deed- Transferring through
relinquishment is the best bet if you are a
co-owner in a property and wish to relinquish
your rights in that property. This is another
valid form of property transfer that has to be
registered and attested by two witnesses.
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Relinquishment deed is commonly used when a
person dies without leaving a will, ending in
their legal heirs inheriting the property. A
relinquishment deed allows smooth transfer if a
property is owned jointly.
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If you have any questions about transferring
property, make sure to consult with a lawyer. It
must be noted that all types of property
transfers are subject to taxation. It is
important that you comply with the tax
regulations to avoid unpleasant surprises. For
proper and seamless transfer of ownership, it is
advised that you research your state laws and
ensure the transfer complies with them.
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