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.
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. 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.
Gift Deed- Another way to transfer property is as a gift, whereyou 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. 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.
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 isanother valid form of property transferthat has to be registered and attested by two witnesses.Relinquishment deedis 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.
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 lawsand ensure the transfer complies with them.
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