Will
A complete guide to what "Will" means in real estate and how it applies to property transactions in India.
Definition
A will is a legal document in which a person (the testator) declares how their assets, including immovable property, should be distributed after their death. It appoints executors to carry out the instructions and can be revised or revoked during the testator's lifetime.
Use of Will in Real Estate
In India, wills relating to immovable property are governed by the Indian Succession Act, 1925 (for non-Hindus) and personal laws. A will does not require registration but registered wills carry stronger evidentiary value in court. Property bequeathed through a will still requires mutation in the revenue records and may attract stamp duty in some states upon transfer. It is advisable to have the will drafted by a lawyer, signed in the presence of two witnesses, and registered with the sub-registrar.
Key Takeaway
Understanding "Will" is essential for making informed real estate decisions. Always consult a qualified professional for advice specific to your situation.
Disclaimer: This glossary is for educational purposes only and does not constitute legal or financial advice. Definitions may not reflect the most current regulatory changes. Please consult a qualified professional for guidance specific to your transaction.