Content Analyst at Investors Clinic
There are certain certificates related to the property which you must be aware of and a succession certificate is one amongst them. Interestingly, this word points towards successor and thus you should have the legal document named succession certificate. So, go through this blog and know everything about the same.
A succession certificate clearly defines the legal heir of a person and this document allows her/him to have right on the property(s) and other investments. This paper is particularly required in case a person dies intestate which means without preparing a will. The same is also required when there is more than one contender for the assets of the deceased.
According to the law, any person holding a succession certificate is said to be the legal heir of the property. This certificate has detailed information about the deceased and the inheritor along with a list of debts and assets.
The procedure to transfer property title can be completed only after the procurement of a succession certificate. However, this legal document is not necessary in case of movable assets.
According to the Indian Succession Act 1925, an inheritor has to file a request in district court to avail a succession certificate. But, the case will be considered valid only if the property of the deceased falls under the jurisdiction of the court or if the deceased lived in the vicinity of the court. Apart from this, the petitioner should be an adult with a stable mental condition and in case of a minor, the succession certificate can only be released via guardian.
Time of death of the deceased Death Certificate of the Deceased Property details of the deceased that fall under the district court Complete details of deceased family members Complete details of the petitioner and his/her relation with the deceased Petitioner’s right on the assets of the deceased Copies of ration card and passport of the supplicant
A no-objection certificate [NOC] should also be attached from the heirs who wish to give up their right on the property(s) of the deceased.
The district judge releases a succession certificate after considering the petition along with the attached documents. A joint succession certificate is released in case there is more than one contender for the project. However, the petition has to deposit a fee for the issuance of a succession certificate and this amount is a fixed percentage of the property value and is paid via stamp duty papers.
Court has the right to appoint an administrator over the property in case the petitioner denies paying the stamp value. This appointment is made via the letter of administrator which acts as a proof that the property is under the custody of the administrator.
4. Revoking of Succession Certificate
This legal document stands cancel if the certificate is availed through fraudulent activities or the unforeseen incidents.
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