• Lease transfer

I am purchasing a lease property  basically getting the lease transferred in my company name what are the documents do i need to check as far on a free hold property i know of the following documents :
Property papers colour xerox
Society noc
Oc and cc certificate
Full detail of seller
Kyc documents of seller
Noc if any partner or share holder
Mutation and last tax receipt
Electricity bill
Noc from all who are related with the property.

The property is a ware house and it is in alwar
Asked 1 year ago in Property Law from Kolkata, West Bengal
Religion: Hindu
1) permission of lessor is necessary for transfer 

2) check original documents with the lessor 

3)all property taxes have been paid or not 

4)no dues certificate . 

5) take title search in sub regsitrar office  

6) contact local lawyer 
Ajay Sethi
Advocate, Mumbai
23155 Answers
1216 Consultations
5.0 on 5.0
1. In one hand you are stating  'you are purchasing a leased property' and on the other hand you stated 'getting the lease transferred in your company's name,

2. Leased property can not be sold. It can be sub-leaded,

3. First of all verify the original lease deed and see whether any sub-lease within a particulr period is allowed by the lessor or not,

4. If there is no sub-lease clause, then you can not take it on sub-lease,

5. If sublease is allowed, then collect the NOC from the Society confirming that they have no objection for transferring the share of the society held by the leasee to you and also your taking possession of the flat as sub-leasee,

6. You should also ensure that there is no dues left with the society towards maintenance or any other account and also that the payments for electricity, water etc are cleared,

7. After that collect his KYC documents and also NOC from all who are related to the said property.
Krishna Kishore Ganguly
Advocate, Kolkata
12084 Answers
228 Consultations
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A property with clear documentation and title commands a higher price in the market compared to one with a title defect. Ensure that you are dealing with the right seller and that the seller has discharged all his liabilities.
Besides, take a legal opinion from an expertise lawyer who is well versed in such property dealings. 
T Kalaiselvan
Advocate, Vellore
13964 Answers
127 Consultations
5.0 on 5.0
1. The property which has been mortgaged can be transferred only with the consent of the mortgagee. 

2. If the mortgagee agrees to the transfer of property in your company's favour the latter can be substituted in place of the original mortgagor. A fresh mortgage deed will have to be executed between your company and the mortgagee.

3. The title chain of the property should be inspected to ensure that the mortgagor possesses a valid title to the property. It should also be ascertained that the property is not the subject matter of dispute in any court of law.

4. Engage a lawyer to carry out due diligence.
Ashish Davessar
Advocate, Jaipur
18083 Answers
447 Consultations
5.0 on 5.0

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