Why Knowing Mutation of Property is Critical for Home Buyers
If you recently purchased a new home or are planning to do so, you might have come across a lot of jargon and terms related to housing, finance and legality. From stamp duty to home loan foreclosures, each common term in the business of buying a house becomes an integral part of the process. However, what about mutation of the official revenue records with respect to a purchase of property? In India, getting a property’s revenue records mutated is incredibly important with respect to your title to the property. In fact, if one is planning to sell his or her home in the future, having or not having the mutated document can make a transaction tenuous and impact the marketability of the property. So, what is mutation of property in the ownership documents? Also known as Daakhil Kharij colloquially, mutation of property is the transfer of ownership of a property from an existing to owner to a new owner when the property is transferred by way of gift deed, inheritance, will, parti...