Property Transfer Affidavit Filing

Transferring a property from one person to another is not easy. You might have to fulfill many legal proceedings before buying or selling a property.

One such legal requirement is the Property Transfer Affidavit. A property transfer affidavit is a legal document that a buyer files to notify the local government of the property transfer. 

This responsibility often falls under the buyer. So, if you are going to buy or inherit a property, learn what a property transfer affidavit is and ensure you file it within the stipulated time. 

What Is A Property Transfer Affidavit?

A Property Transfer Affidavit is a legal document filed whenever a real estate or personal property is transferred from one person to another. This is to notify the local government or assessor that the property has been transferred so that they can put it in their records. 

Who Needs To File A Property Transfer Affidavit?

The responsibility of filing the property transfer affidavit belongs to the new owner, that is, the person to whom the property is being transferred. It must be filed with the city or town assessor within 45 days of the property transfer. 

Here is a breakdown for your understanding:

• Buyer: In standard real estate terms, the buyer of a property becomes the owner and is responsible for filing the affidavit. 
• Inheritor: If you inherit the property from your father or other family members, you become the owner and must file the affidavit. 
• Owners through other means: If you become a property owner through means like land contracts or other legal documents, you must file an affidavit. 

Information Required In A Property Transfer Affidavit

The information you provide in the affidavit is important for the assessor to determine the correct tax value for the property and apply for exemptions. The specific information you need to provide may vary depending on your locality. However, here are the general details you might have to fill in the affidavit form. 

1. Seller & buyer’s full name and address
2. Detailed address of the property (including legal details like plot number, survey number, etc.)
3. Transfer details, like date of transfer, mode of transfer (sale, inheritance, etc.), and consideration amount (sale price in case of sale)
4. Declarations 

• A statement from the seller confirming their sole ownership of the property and the right to transfer.
• A statement confirming that there are no outstanding dues on the property (mortgages, unpaid taxes, etc.)
• A statement from the seller and the buyer that all the details provided are complete and true. 

Where To File A Property Transfer Affidavit

A property transfer affidavit is generally submitted to a local government agency responsible for property records and taxation. 

You can file the affidavit with the office of the Sub-registrar or District Magistrate, or you can even file it with the local municipal corporation.

Note: The affidavit filing location might be different in some areas. You can contact the local government office or consult a lawyer to know where you should file the affidavit. 

Consequences Of Not Filing A Property Transfer Affidavit

Remember, a property transfer affidavit should be filed within 45 days of the property transfer. Failing to do so can lead to consequences such as the ones below. 

• It can cause a delay in updating the ownership of property in government records. This can lead to incorrect tax assessments and difficulties in obtaining property-related clearances. 
• You might even be penalized for not filing the affidavit on time. The amount may vary depending on your locality. 
• The absence of a proper affidavit can cause ownership issues in the future. 
• If you don’t have an affidavit to prove the property is yours, buyers will hesitate to buy your property if you wish to sell it in the future. 

These are all the complications you might face if you don’t file a property transfer affidavit. So, be on time and file your affidavit in your local government office soon to acquire complete ownership of the property.

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