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Inherited Property in India?

in Writing / Article Writing by john Carter on 05/22/2017

Inherited Property in India?
Here is what you must do!
Real Estate disputes such as Inheritance are a very common issue and NRIs fall victim to this kind of a problem very easily. If you have inherited property in India, it can turn out to be a complicated process; hence, one has to be very careful with it.
Inheritance Law in India provides a basic play as to how to deal with inherited property. It is imperative for the inheritor to go through proper legal formalities to obtain clear ownership of the said estate. Only with clear legal ownership one can either sell or gift or transfer his property to another person.
These legal formalities may depend on the nature of belongings, one's right over it, legal heirs involved and many other aspects.
What to do - Inheritance of Property in India
Legal Ownership
• Once a person inherits a property, it is crucial to transfer the said asset's ownership on his name legally.
• In the case of movable property such as bank balances and securities, it has to be transferred in the name of the beneficiary.  

• And in the case of real estate, it should be changed and transferred in the name of the recipient in the relevant government departments depending upon the nature of the land.
• A land can only be transferred if one has proof to claim an inheritance.
• When a Will is left behind by the deceased, the property has to be divided as per his wishes.
• But when the person dies intestate, the legal heirs have to acquire Letters of Administration to the assets of such person as per the relevant Succession Laws (Inheritance Law in India).
Ownership Documents/Title of the land
• Once the inheritors and their rights, shares, and liabilities are determined in the case of Inheritance of Property in India, the land has to be assigned to their name.
• One has to apply at the registrar's office for the transfer of the concerned Estate with Will or Will with probate and succession certificate.
• In case Will was not prepared the beneficiary would have to make an affidavit with NOC (no-objection certificate) from other heirs.
• Then he has to apply for the change of title of the land to record the change it in the land records. It's done at the local municipal authority office where the property is located.
• If one refers to the Inheritance Law in India, he can easily attain clear ownership and all the legal documents of the inherited land.
Liabilities
• Sometimes when one inherits the property, it comes with some liabilities such as home loans, disputes and much more.
• This loan becomes a liability of the beneficiary, and therefore it has to be paid by him. The mortgaged property can only be transferred with the written consent of the bank (lender).
• If the deceased person has taken loan insurance, the insurer has to pay the outstanding amount.
• Once it's done, the inheritor has to collect the loan clearance certificate from the lender along with the original documents of the land that were given to the creditor.
• In simple words, the beneficiary becomes responsible for all the disputes, loans or credits and it's his duty to fulfil all the obligations on deceased person's behalf.
For an NRI, Inheritance of Property in India is not an easy task as it accompanies lots of duties and responsibilities along with legal obligations.

Source link: https://www.nrilegalservices.com



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