Transfer of property under pagdi sysytem
Maulik Shah
(Querist) 24 June 2015
This query is : Resolved
Hi All,
My dad is running a partnership Firm, the place where business is operated is under pagdi system.
This property was transferred to firm by a tenancy rights agreement in the year 1971,
The rent receipt does not mention our name but name of the firm from whom we purchased
Now my query is, what is the procedure to transfer the rent receipts to our name and is there any payment required to be made to landlord for above and if i sell the property to 3rd person what are the legal issues involved.
Need advice urgently
Dr J C Vashista
(Expert) 28 June 2015
Has the property been purchased or it is under tenancy?
If it has been purchased by the partnership firm title of the property is transferred in the name of the firm and the firm has all the rights to sell, mortgage or create third party interest.
Whereas if the property is under lease & licence (tenancy) the ownership is still with the landlord and the firm do not have the right/title to transfer.
Consult a local lawyer with all relevant documents for proper advise, guidance and proceeding.
