All You Need to Know About Transfer Memorandum
Discover all there is to know about the transfer memo. Check out what it is, & how you may get one, with fees and other linked expenses to a transfer memorandum. For first-time purchasers, the paperwork involved in purchasing & registering a property might be overwhelming. One of the crucial documents that aid in concluding the property selling transaction is a memorandum of transfer.
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Everything you need to know about a memorandum of transfer, including how to get one and the costs and charges involved, has been covered in this blog. Let's first take a closer look at what a memorandum of transfer is.
A Memorandum of Transfer (MOT) is what, exactly?
A memorandum of transfer, often referred to as a transfer memorandum, is a legal document that aids in proving an owner's ownership rights over real estate. It lays out the complete procedure for transferring ownership from the vendor or developer to the buyer.
Important property-related information, such as property titles and their owners' contact information, can be included in a transfer memorandum. The registered owner of the property being purchased must sign and complete it. You can identify yourself as the property's legal owner if you have a transfer memorandum that has been properly signed. Continue reading to learn how to quickly obtain a memorandum of transfer.
Memorandum of Transfer: Where to Find One and How to Request One
You can easily obtain a transfer memorandum by following these basic procedures. Create an Offer Letter: The first step is to write an offer letter. This is the first step in the property acquisition process. Your desire to buy a certain piece of property can be demonstrated with the use of an offer letter. Also, it shows how willing the seller is to sell it. All property-related information, including the furnishings, fittings, selling price, and the date the sale and purchase agreement was signed, is included in the letter of offer.
Sign the SLA: The sale & purchase agreement must be signed in order to complete the transaction. As it outlines all of the terms & conditions pertaining to the transaction, this is one of the most significant documents. The items covered by the agreement, the transfer date, etc. The agreement also contains details.
Get the Memorandum of Transfer: The time has arrived for you to sign a memorandum of transfer, so get one now. A signed memorandum document attests to the legally binding transfer of property ownership.
Memorandum of Transfer Charges and Additional MOT Costs
One needs to pay stamp duty charges to acquire the memorandum of transfer. It is necessary to make this one-time payment at the time of the deed transfer. The state where the property is located receives payment for the transfer of memorandum fees. These fees are computed using the property's circle rate or guideline rate.
For various locations and cities, different amounts apply to the circle rate. The transfer of memorandum fees for various categories of buyers are listed below, and they were computed using circular rates.
Type of Property
Immovable Properties
Transfer Memorandum
Charges for Relatives
1% to 8% of the total value of the property
Transfer Memorandum
Charges for Non-Relatives
5% to 11% of the total value of the property
Transfer Memorandum: When Should You Pay Transfer Memorandum Charges?
When the purchase transaction is completed, the transfer memorandum fees are paid. However, the developer might not give the buyer the memorandum of transfer papers if the chosen property is still being built. In these situations, transfer memorandum fees are paid when the property's land titles are issued.
When a property is transferred within a family, certain states' governments offer enticing savings on transfer memorandum fees. For example, in some areas, there is a 50 per cent exemption on the memorandum of transfer produced for a property transfer between parent and child.
Purchasers of real estate must pay the transfer memorandum fee and the applicable stamp duty. The Memorandum of Transfer Document cannot be performed if they don't comply.
Note of Transfer: State-Specific Stamp Duty Fees for Obtaining a MOT
See the list of stamp duties by state that buyers of real estate must pay to have the memorandum of transfer signed in each state.
Name of the State
Arunachal Pradesh
Madhya Pradesh
Himachal Pradesh
Jharkhand
Chhatisgarh
Andhra Pradesh
Stamp Duty Charges
6 per cent
7.50 per cent
5 per cent
4 per cent
5 per cent
5 per cent
Tripura 5 per cent
Haryana
Men (Rural Area) - 6 per cent
Women (Rural Area) - 4 per cent
Men (Urban Area) - 8 per cent
Women (Rural Area) - 4 per cent
Assam 8.25 per cent
Jammu & Kashmir
Karnataka
5 per cent
Rs.35 Lakh and Above - 5 per cent
Rs.21 Lakh to Rs.35 Lakh - 3 per cent
Up to Rs.20 Lakh - 2 per cent
Gujarat 4.90 per cent
Bihar Men to Women - 5.7 per cent
Women to Men - 6.3 per cent
Others - 6 per cent
Maharashtra 3 per cent
Rajasthan Women - 4 per cent
Men - 5 per cent
Manipur 7 per cent
Goa Rs.1 Crore and Above - 5 per cent
Rs.75 Lakh to Rs.1 Crore - 4.5 per cent
Rs.50 Lakh to Rs.75 Lakh - 4 per cent
Up to Rs.50 Lakh - 3.5 per cent
Sikkim Sikkimese - 4 per cent + 1 per cent
Mizoram
Odisha
Others - 9 per cent + 1 per cent
9 per cent
Women - 4 per cent
Men - 5 per cent
Punjab Women - 5 per cent
Kerala
Men - 7 per cent
8 per cent
Meghalaya 7 per cent
West Bengal
Tamil Nadu
Above Rs.25 Lakh - 6 per cent
Up to Rs.25 Lakh - 7 per cent
7 per cent
Nagaland 8.25 per cent
Uttarakhand Women - 3.75 per cent
Telangana
Uttar Pradesh
Conclusion: Transfer Memorandum
Men - 5 per cent
5 per cent
Women - 7 per cent
Men - 7 per cent
We hope that this site has given you all the information you require about the transfer memoranda. Make sure you follow the proper steps and provide accurate information to obtain a transfer memorandum. By doing this, you may easily obtain the necessary memorandum of transfer document and prevent making any mistakes in your application.
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