What documents are necessary before making a sale deed?
Same set of documents as above. The agreement must record the title flow, the various permissions taken and the terms agreed to by the parties. In Maharashtra, the Maharashtra Ownership Flats Act, 1963 prescribes disclosures to be made, documents to be attached and even a model agreement format which is mandatory in part.
What are the List of documents required at the time of registering your new property?
1. Approved plans
2. Title Certificate from Advocate of current date
3. Copy of IOD/Commencement Certificate
4. Stamp duty paid receipt
5. Demand Draft for payment of Registration fees.
6. Property Card showing CTS No. of plot
7. PAN cards of Sellers and Buyers
8. Khata Extract
What is the Due diligence I need to do before buying a resale property?
1. Check for a duly stamped registry
2. Ensure no dues are accorded to the builder
3. Check for seller's name in municipal records
4. Confirm seller's membership in the society (if formed)
5. Ensure there are no pending bills, charges or taxes
6. Make sure that the property is mortgage free
7. Sanctioned Building Plan (to ensure no unauthorized construction)
8. Previous title documents (that chain of title is complete)
How to verify project approvals documents?
Same documents as above would need to be verified for checking project approvals. Confirm approved plans, other approvals such as environmental clearances are important and NOC from utility companies. Title Search must be carried out at the Sub Registrar's office to verify title and ascertain encumbrances, if any.
How to verify the authenticity of the various documents submitted by the seller in a resale transaction?
1. Approved plans can be verified from the corporation or other plan sanctioning authority's office.
2. Ownership documents of land or development rights held by the builder can be confirmed from the Sub Registrar's office where they are registered.
3. Society share certificate can be verified from the Society itself.
Which documents must be compulsorily registered?
As a general rule the following documents pertaining to immovable property must be registered vide Section 17(1) of the Registration Act, 1908:
(a) Instruments of gift of immovable property;
(b) other non-testamentary instruments which purport or operate to create, declare, assign, limit or extinguish, whether in present or in future, any right, title or interest, whether vested or contingent, of the value of one hundred rupees, and upwards, to or in immovable property;
(c) non-testamentary instruments which acknowledge the receipt or payment of any consideration on account of the creation, declaration, assignment, limitation or extinction of any such right, title or interest; and
(d) leases of immovable property from year to year, or for any term exceeding one year, or reserving a yearly rent;
(e) non-testamentary instruments transferring or assigning any decree or order of a court or any award when such decree or order or award purports or operates to create, declare, assign, limit or extinguish, whether in present or in future, any right, title or interest, whether vested or contingent, of the value of one hundred rupees and upwards, to or in immovable property.
In Maharashtra State, w.e.f. 1-4-2013, the following additional documents are also required to be compulsorily registered:
(f) agreement relating to the Deposit of Title Deeds, where such deposit has been made by way of security for the repayment of a loan or an existing or future debts;
(g) Sale certificate issued by any competent officer or authority under any recovery Act;
(h) Irrevocable Power of Attorney relating to transfer of immovable property in any way, executed on or after the commencement of the Registration (Maharashtra Amendment) Act, 2010."
What are the documents you should have at the time of possession?
1. All original chain of agreements form part of the title documents and must be obtained by the buyer.
2. Do remember to obtain the original registration receipts and the original stamp duty receipts.
3. A letter of possession duly witnessed by two witnesses confirming the physical handover of the premises.
4. In case of a Society, the original share certificate together with all transfer forms duly executed.
5. Proof of payment of all dues such as maintenance, electricity, phone, water, property taxes upto the date of handing over possession.
6. A limited power of attorney from the Seller(s) authorizing the buyer(s) to sign all documents and applications etc. pertaining to the said premises.
7. An NOC from the Society or other body confirming that they have no objection to the transfer.
What is a sale deed?
A sale deed, also called a "conveyance", is a document which transfers immovable property be it land or a house, flat, office or other structure to another person. In almost all cases, the sale deed must be registered compulsorily except in the case of resale of units in existing cooperative societies where the state law grants a specific exemption from registration. Regardless, all sale deeds are liable for stamp duty and the rates vary from state to state. Also the duty depends upon various factors, such as age of building, location and type of unit and so on.
What is a title deed?
A title deed is a document that proves the right of a person to an immovable property. A person can acquire an immovable property by various means and a properly stamped and executed document evidencing the transaction is a title document. For example a sale deed, a release deed, a relinquishment deed, a gift deed, a family settlement deed, a partition deed, a will all are evidence of how a person has acquired an immovable property and may be called title deeds.
What is a Will?
A will or testament is a legal document by which a person, the testator, expresses his or her wishes as to how his or her property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.
What are the requirements to make a valid will?
A person making a will must do so in writing and sign it in the presence of two independent witnesses. It is recommended to appoint an executor to the will, who will be responsible to administer all the properties as per the intention of the testator made in the will. It is not compulsory to register a will however it is advisable to do so in order to avoid future legal disputes.
What is a probate and what is the procedure to obtain it?
A will comes into force after the death of the person making it. A probate is a document issued by the District Court under the signature and seal of the Chief Judge of that Court that certifies the authenticity of the will. The executor of the will must, within three years from the death of the testator, file an application/petition in the District seeking a probate of the will. Upon the receipt of such application, the District Court shall invite objections from all the legal heirs, if any, verify all the assets that are listed in the will and then issue the Probate.
How is the property transferred in the name of the legal heir once the property is obtained?
A true copy of the probate along with the will has to be submitted with an Application to the City Survey Officer who will verify the same and accordingly make the necessary changes in the property Card.
In the case of a flat in a Co-operative Housing Society or a Bank Account or locker that is required to be transferred in the name of a legal heir, a true copy of the probate alongwith the necessary Application is required to be made to the Co-operative Housing Society or the Bank, as the case may be.