After you have completed some real estate transactions, there is still one thing keeping you away from getting your dream apartment or land and that is this process- Mutation of property.
In simple terms, the Mutation of property can be defined as a transfer of a change in title ownership from the original owner to the new owner. It refers to any change that occurs in the rights of an owner of real estate.
Mutation of property can be executed during the lifetime of the owner, and it can also take place after the death of the owner, through inheritance, or if the property is left unclaimed by the owner. There are several types of mutations, and each one affects property differently depending on the type and location of the property being changed or transferred. It may seem like something small and relatively inconsequential, but mutations can have a major impact on real estate transactions.
What are the circumstances under which the need for Mutation arises?
One needs to undergo this process when:
There is a sale or purchase of a property
Someone comes in possession of it through gift or freewill
There is a case of inheritance of property
The property is purchased through a Power of Attorney
The question arises, who has to go through this tedious process?
The one who makes the purchase or inherits the property through a gift or free will has to undergo this process.
Why should you be aware of the Mutation of property?
To avoid false claims and scams, the government established this process.
So, everything is going well, all the formalities have been completed, registration and the stamp work is done too! And then you remember- How do I pay the property tax? You see, this process, mutation of property needs to be completed. Only if you want to pay the property tax and avoid penalties and any interest that could accumulate. Also, In the future, if you plan to sell that property, the buyers will need to see the mutation papers. Not having them can jeopardize selling the property.
What is the Process of Mutation of property?
This whole process starts with applying mutation to the Tehsildar of that concerned place along with a non-judicial stamp. There are also a few documents you need to submit for the mutation of property.
If you are buying an apartment, a copy of the sale deed, application for mutation with court fee stamp, an affidavit, an indemnity bond, and the latest property tax clearance documents are required.
In the case of inheritance of property, the documents needed are a copy of the death certificate, copy of the will, indemnity bond, an affidavit, and the property tax clearance papers.
If the property is purchased through a power of attorney, copy of the power of attorney papers, indemnity bond, an affidavit, and the property tax clearance papers.
Then is also the online process of mutation of property. You may visit the official portal and get started with the process by providing details about the owner and the property
Latterly, it is very important to update and track the details regarding mutation to protect your property records from any frauds.
Now that you know about the what’s, why’s, and how’s of mutation of property, you don’t have to bother asking others about it and you can have a hassle-free future!