PURUSHOTTAM MITTAL
PURUSHOTTAM MITTAL
50 Years Exp
Exchange Deed (Show More)
, Anandvas Shakurpur
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Overview
As per provisions contains in Section 118 of Transfer of Property Act, when two persons mutually transfer the ownership of one thing for the ownership of another, neither thing or both the things being money only, such a transaction is called an exchange. This definition is not restricted to immovable property only.
Thus, exchange implies, when two separate property owners mutually agree to transfer the ownership rights by exchanging the property. Further, exchange also means exchange of lands and barter of goods too.
If one of the items that has been transferred in money, then it is not an exchange but sale, because sale should always be for a price. But money in one form can be exchanged for money in another.
In case of exchange, the transfer of ownership of one thing is not the price paid or promised to pay, but something else in lieu. For example: if a person transfers a land valued Rs.20,00,000/- to another and in return, the other person transfers a shop valued Rs.18,00,000/- and pay Rs.2,00,000/- in cash, it is an exchange.
This type of exchange transactions can be reduced into writing in the form of Property Exchange Deed. This Exchange Deed document for transfer of property rights need to be registered with the jurisdictional sub Registrar’s Office by paying prescribed stamp duty. While drafting the exchange deed and its registration including the document execution, its presentation and admission utmost care need to be taken, since this is a complex process.
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Name : PURUSHOTTAM MITTAL
Law Firm Name : PURUSHOTTAM MITTAL
Country : Andorra
Practicing Since: 1976
About Your Firm : I am doing practice since 1976 and on Panel of several Banks including State Bank of India, Bank of Baroda, Canara Bank etc., and submitted more than 5000 Title Investigation Reports etc. to these Banks.
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Legal & Drafting
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