Property deeds are legal documents that establish ownership rights. Understanding different types of deeds is crucial when buying or selling property in Sri Lanka.
Types of Property Deeds
1. Deed of Transfer
The most common type used when property changes hands. It transfers ownership from seller to buyer.
2. Deed of Gift
Used when property is gifted to another person, often family members. Subject to gift tax regulations.
3. Deed of Partition
Divides jointly owned property among co-owners.
4. Mortgage Deed
Creates a charge on the property in favor of a lender.
Registration Process
All property deeds must be registered with the relevant Land Registry. The process includes:
- Preparation of deed by a lawyer
- Payment of stamp duty
- Execution before a notary
- Registration at Land Registry
- Obtaining certified copies
Important Documents Required
- Original title deed
- Survey plan
- Tax receipts
- Identity documents
- Transfer forms
Common Pitfalls to Avoid
Be aware of these common issues:
- Unverified ownership claims
- Pending legal disputes
- Incorrect property descriptions
- Missing documentation
Professional Assistance
Always work with a qualified lawyer when dealing with property deeds to ensure all legal requirements are met.
