Before financing the Housing loan or Mortgage loan or any loan against the mortgage of property, follow the specified guidelines for correct procedure if property are being mortgaged by legal heirs or property bought by legal heirs.
In India property are being bought from the legal heirs under two major condition i.e. either
- There is a will and Legal heirs got the property as per the will of the deceased. or
- Legal heirs of the person died without leaving a will.
If Legal Heirs nominated as per the Will of the Deceased
If the right of property transferred to legal heir through will of the deceased , the legal heirs may sell the property of deceased. The only thing to do in such cases just verify the will with legal experts. There is no such clause like only the last will prevails whether will registered or not. Even if the will is not registered it is fully valid. The legal heirs mentioned in the will can duly sell the property of the deceased.
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If there is no Will
There are various situation where the person died without leaving any will to nominate the legal heirs. Such cases needed to have Succession Certificate. The legal heirs have necessarily to get a succession certificate to establish their right of being legal heirs.
Succession certificate is a certificate issued by a competent court to the successors of the estate of the deceased person who died intestate i.e. without leaving a will. it authorizes the person(s) in whose favor it is issued, conclusively and they can own the properties, accounts, securities etc. which were in the name of the deceased person.
It is the document which determines the person(s) who are the legal heirs to the property of the deceased. Moreover; this document proves the authenticity of the heirs and conveys the authority to inherit the property of the deceased.
How to Get a Succession Certificate?
Follow the below mention steps to get the Succession certificate :
- Legal heirs can submit an application to the district court or high court in the jurisdiction in which the landed property in question is situated or where the person deceased was ordinarily residing if there is no will.
- The request petition must have all relevant details such as full name of the deceased, time and date of death, place of death, place of residence of the deceased, details of kith and kin of the deceased along with their addresses, names of other heirs, if any, name and relationship of the petitioner, details of the properties and other assets of the deceased.
- The petitioner has to submit copy of the death certificate along with evidence of his or her rights as to the capacity according to which he or she should be declared as the successor. The court will, of course, realize a fee in the form of stamp paper.
- After getting the application, apart from the notice to the respondents, a notice will be published in newspapers specifying a period, say 45 days during which anybody is allowed to intimate his objection, if any, against the issue of the proposed certificate.
- In the event of nobody coming forward to contest the petition, an order will be passed by the court on the expiry of the specified period for granting a certificate as applied for.
- Ordinarily a period of approximately six months may be required for the whole process.
Once a succession certificate is obtained, the successor(s) mentioned therein can duly sell the property.