Prof. R. Harish & Associates
Vaishnavi Shivashankar
11 Years Exp
Exchange Deed (Show More)
Bangalore , Magadi Road
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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 : Vaishnavi Shivashankar
Law Firm Name : Prof. R. Harish & Associates
Country : India
City : Bangalore
State : KARNATAKA
Practicing Since: 2014
About Your Firm : We provide legal services for all kinds of property right from scrutiny of title till completing the registration. We also look into the legalities for projects and complete them.
| Sr Employee Associated | Sr Employee Enrollment/Reg.No | Sr Employee Enrollment/Reg.State |
|---|---|---|
| Vaishnavi Shivashankar | KAR/181/2015 | Karnataka state bar council |
| Jr Employee Associated | Jr Employee Enrollment/Reg.No | Jr Employee Enrollment/Reg.State |
| Vishnu Priya Shivashankar | Karnataka State Bar Council |
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