shetty&Associates
shakunthala
27 Years Exp
Exchange Deed (Show More)
Bangalore , J P Nagar
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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 : shakunthala
Law Firm Name : shetty&Associates
Country : India
City : Bangalore
State : KARNATAKA
Practicing Since: 1999
About Your Firm : ? We are dedicated team serving the legal needs of regional, national and international businesses and Individuals. Our consulting professionals provide the depth and breadth of expertise necessary to solve complex business & individual challenges.We expertise with Civil, criminal,and family dispute cases. we also help our clients with Deed and documentation.
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