What is Mutation of Property & why is it important for buyers?

 So, congratulations you have recently registered a property in your name! It is highly important that you also get a mutation of property done in the government records. What is property mutation, and why is it important? Here’s a run-through by Luxury Kerala Flats, prime real estate portal for buying flats in Kerala.

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It is not enough that you complete all registration formalities for transfer of property, paid stamp duty & all home loan-related work. When it comes to paying the property tax the mutation of property becomes very important.  

What is mutation of property?

 

Mutation of property or land indicates that a property has been transferred from one person to another. To fix property tax payment liabilities, the municipal body in a city keeps records of property ownership transfers. Transfer of all sorts of immovable assets like land, flat, individual home, shop, etc. are kept on record.  Mutation assists authorities in fixing taxpayers' responsibility. Mutation records are crucial if you want to sell your property in future. 

How to apply for mutation of property and what does it cost? 

The mutation procedure and the required documents vary from state to state. You have to file for mutation of property under these three situations in India:

• If you have bought a property

 Documents required to submit for mutation of property will include: 

• A copy of the sale deed

• An application for mutation of property with Rs 3 court fee stamp affixed on it

• An indemnity bond on a Rs 100 stamp paper

• An affidavit on a Rs 10 stamp paper

• The latest property tax clearance papers.

• Mutation of property after death of owner if you are an heir: 

For mutation of property in such cases, applicants have to submit: 

• A death certificate

• A copy of the will

• An indemnity bond on a Rs 100 stamp paper

• An affidavit on Rs 10 stamp paper attested by a notary

• The latest property tax clearance papers.

• If you have bought a property through a power of attorney: 

For mutation of property in such a case, you need to submit:

• A copy of the power of attorney papers

• A copy of the will

• An indemnity bond on Rs 100 stamp paper

• An affidavit on Rs 10 stamp paper

• The latest property tax clearance papers

• An application with Rs 3 court fee stamp affixed on it.

Things to note

Even though mutation of property is not legally binding, it is important as it stands as the proof of ownership and might act as a tax record. In case you have to sell your property in future, buyers will ask for the mutation papers. Not having them in place may endanger your chances of selling your asset.

We hope this run-through on what is Mutation of Property & why it is important for buyers has been helpful to you. luxurykeralaflats.com is a premier portal for checking out flats for sale in Kochi.