When you plan on buying your own home, it is easy to let your emotions run the show. Although an exciting move, it comes with a number of responsibilities and legal formalities. Setting base with your basic requirements in terms of location, amenities, budget and the ambience, begins the process of looking through multiple properties.
The joy of finding the perfect house is unparalleled, we agree. However, it is important for one to understand that completing the legal formalities for the ownership of the house is a tiresome process that also needs your complete attention. Among the many procedures is one important step known as ‘Mutation of Property’. This refers to the transfer of complete ownership of the immovable asset to the buyer. A registered sales deed is not enough for the ownership of the property and your job does not end with the procurement of the ownership certificate. You may be purchasing an ordinary 2 BHK in Mumbai or investing in luxurious 2BHK apartments in Goregaon, the process needs to be followed regardless.
The process of mutation is essential for the payment of property tax by the new owner. Each state has a record of the property deals taking place on its land which act as a proof of ownership. The logging of information regarding all property/land transactions helps in minimizing the scope of property frauds.
Who has to get the mutation of the property done?
Those who buy the property or inherit it through a will or gift need to get the property mutation done. In the case of land, the buyer needs to get the mutation done as a compulsory step to complete the process of ownership transfer. For buyers of flats and apartments, the transfer of ownership takes place with the registration of the property. Property mutation is a legal formality that can be completed anytime post the transaction.
The mutation papers are required to be shown at the time of selling of the property, which makes it essential to complete the process, be it land or an apartment. These documents are also essential when you apply for utilities such as water and electricity.
How to apply for mutation of property?
The mutation of property is done at the municipal office that overlooks and maintains records of land and property in your area. A number of states have not adapted to technology and launched an online service where you can initiate the application for the same. But you will ultimately have to appear in person at the office to complete the process. It is not an expensive process and is generally covered within Rs 100.
What are the documents required for mutation of property?
The documents required to complete the legal process might vary from state to state. But the official papers that are commonly asked for include:
∙ Property mutation application form
∙ Copy of the sale deed
∙ Affidavit on stamp paper
∙ Indemnity bond
∙ Aadhaar card
∙ Property tax receipts
∙ Copy of the death certificate of the owner or a will or succession certificate
These are a few things that one should keep in mind when buying new properties to save time and resources on any defaults. If you are a prospective home buyer and are looking for your dream house in Mumbai, you should check out the properties by The Dynamix Group and get a chance to reside at one of the best flats in Mumbai at affordable prices.