How to do Property transfer in Bangladesh
The Transfer of Property Act 1882 governs property transfers in Bangladesh. In this act, “to transfer property” refers to carrying out an act whereby a living person conveys property, either now or in the future, to one or more other living persons, to himself, or to himself and one or more other living persons. “Living person” encompasses an organization, associations, or group of people.
TYPES OF TRANSFER OF PROPERTY:
The following list comprises the four types of property transfer:
Sale, Lease, Exchange, and Gift Inheritance and mortgage are other ways that property might be passed.
BUY:
A sale occurs when ownership is transferred in return for a sum of money that is either fully or partially promised or paid. Until the price is agreed upon, the sale is not finalized.
Contract for Sale: A contract for sale is created between a seller and a buyer when they decide to sell and acquire the property at a later time. A contract for sale does not transfer ownership of the property; rather, it establishes a personal responsibility between the buyer and seller. A sale contract needs to be filed with the appropriate Sub Registry Office.
RENTAL:
A lease for real estate is the transfer of the right to use the property for an expressly stated, implicitly stated, or indefinitely period of time in exchange for money, a share of crops, services, or anything else of value.
TRANSACTION:
An exchange occurs when two people mutually swap ownership of one item for another, whether or not the two items are only related to money.
GIFT:
A gift is the freely given and unreserved transfer of some existing movable property from one person, known as the donor, to another, known as the donee, accepted by the donee or on their behalf.
ACTIVE REGISTRATION IS REQUIRED
The deed by which the property will be transferred must be registered with the appropriate Sub Registry Office in accordance with the current laws of Bangladesh. A deed that is not registered has no legal significance, and any party that tries to enforce their rights will be unable to do so.
RIGHTS RECORD
The Sub Registrar will decline to register the transfer deed if the transferor’s name is not present in the most recent Khatian or if it has not changed. As a result, changing the transferor’s name in the most recent Khatian is required.
FORM OF A PROPERTY TRANSFER DEED
The government established a standard framework for property transfers through a gazette notification. Any transfer of property must follow this format. The format is available in copy below.
It is vital to remember that the local Sub Registry Office’s procedures are essential to registration.