Title Of The Property

TITLE OF THE PROPERTY TITLE OF THE PROPERTY

APURVA AGRAWALAPURVA AGRAWAL

GODREJ & BOYCE MFG CO LTDGODREJ & BOYCE MFG CO LTD

DECEMBER 15, 2007DECEMBER 15, 2007

WHAT IS A CHEQUE?

Section 3 of Transfer of Property Act:

"Immovable Property" does not include

standing timber, growing crops or grass

IMMOVABLE PROPERTY

WHAT IS A CHEQUE?

Section 3(26) of the General Clauses Act

1897

"shall include land, benefits to arise out

of land and things attached to the earth,

or permanently fastened to any thing

attached to the earth"

IMMOVABLE PROPERTY

WHAT IS A CHEQUE?

Section 2(6) of the Registration Act, 1908

"Immovable Property includes land, building,

hereditary allowances, rights to ways, lights,

ferries, fisheries or any other benefit to arise

out of land, and things attached to the earth or

permanently fastened to any thing which is

attached to the earth but not standing timber,

growing crops nor grass".

IMMOVABLE PROPERTY

WHAT IS A CHEQUE?

Defined under Income Tax Act

"Transfer" in relation to property includes: -

sale, exchange or relinquishment of the property; or

extinguishment of any rights therein; or

TRANSFER

WHAT IS A CHEQUE?

U/s 53 A of the Transfer of Property Act i.e. allowing possession of any immovable property to be taken or retained in part performance of the contract; or

By way of becoming a member of a society etc. or any agreement which transfers the immovable property to another person.

TRANSFER

WHAT IS A CHEQUE?

compulsory acquisition of the asset under any law; or

conversion of the capital asset into stock-in-trade of one's own business;

TRANSFER

WHAT IS A CHEQUE?

Sale of propertyExchange of propertyReleaseRelinquishment of propertySurrenderDevelopment Rights (FSI, TDR) Lease of property Mortgage of Property

PROPERTY TRANSACTION

WHAT IS A CHEQUE?

Immovable Property registration is governed by Registration Act of 1908.

Process of recording a copy of a document, transferring the title to immovable property

Acts as proof that the property transaction has taken place

REGISTRATION

WHAT IS A CHEQUE?

Any document creating third party right in respect of an immovable property requires compulsory registration

As per section 17 of the Registration Act, 1908 the following transactions of immovable property are required to be compulsorily registered

DOCUMENTS

WHAT IS A CHEQUE?

Contracts to transfer for consideration, any immovable property for the purpose of section 53A

Gift Deeds

Instruments which create or extinguish any right or title to or in an immovable property of the value of more than Rs.100/

REGISTRATION

WHAT IS A CHEQUE?

Lease Deeds (for year to year or for any term exceeding one year or reserving a yearly rent)

Leave and License - ????

REGISTRATION

Agreement has to be registered with the Sub-registrar of Assurances on whose jurisdiction the property is located

Registration should be completed within

four months from the date of execution of the Agreement

REGISTRATION

WHAT IS A CHEQUE?

If the documents required to be registered, are not registered than in that case the documents shall not

affect any immovable property comprised therein, or

confer any power to adopt, or

EFFECT OF NON

REGISTRATION

WHAT IS A CHEQUE?

be received as evidence of any transaction affecting such property or conferring such power

confer title

EFFECT OF NON

REGISTRATION

WHAT IS A CHEQUE?

The statement contained in the register, as being a full and complete account of all transactions by which the title may be affected

PURPOSE OF REGISTRATION

WHAT IS A CHEQUE?

The records give the fullest security of tenures and minimize the possibility of disputes and litigation

Enable owners to obtain credit more easily and to transact in property more quickly, safely and cheaply

EFFECT OF REGISTRATION

WHAT IS A CHEQUE?

At the same time, the records secure the rights of absentees and also prevent the growth of unwanted and illegal land ownerships

EFFECT OF REGISTRATION

WHAT IS A CHEQUE?

The title of the property should be

clear, marketable and free from

encumbrances

Always use the services of a

competent Advocate for verifying

the title of Property

TITLE

WHAT IS A CHEQUE?

Responsibility of the TRANSFEREE to

investigate the title of the property

Once an understanding has been arrived

the TRANSFEROR sends original

documents to the TRANSFEREE

INVESTIGATION OF TITLE

WHAT IS A CHEQUE?

The Transferee issues a duly signed receipt

known as an “accountable receipt”

Accountable Receipt records that the original

title deeds are received which the Transferee

undertakes to return to the Transferor on

demand without claiming any lien for costs or

otherwise

ACCOUNTABLE RECEIPT

WHAT IS A CHEQUE?

search clerk takes search in the

offices of the sub-registrar to find out all

the documents that are registered

relating to the immovable property

ascertains the Cadestral Survey

Number (CS) and the City Survey Number

(CTS)

SEARCH AT SUB REGISTRAR’S

WHAT IS A CHEQUE?

Practice was to have title search for 60

years, as the mortgagor had 60 years time

to redeem the mortgage under the then

existing limitation laws. However, under

the present limitation laws, the mortgagor

has 30 years from the date the right to

redeem or recover possession accrues.


WHAT IS A CHEQUE?

Usually under a deed of mortgage the

time prescribed for redemption is

between 2 to 5 years and therefore the

title is usually traced back to 35 years to

40 years

reveals the devolution of title to the

property


WHAT IS A CHEQUE?

The states of Maharashtra and Gujarat

have introduced relevant provisions in

the relevant statutes requiring

registration of notices providing details

of the pendency of any litigation in

respect of the property

LIS PENDENS

WHAT IS A CHEQUE?

Transferee’s advocate issues a public

notice in at least two local newspapers

Notice states that the transferee has

agreed to purchase the property from the

Transferor whose name is given and

invites claims

PUBLIC NOTICE

WHAT IS A CHEQUE?

if no such claim is received, within the

stipulated time it would be deemed that

no such claim exists or waived. Notice is

not binding on the real claimants to the

property. In case of dispute such notice

supports the Transferee’s contention that

he is a bona fide purchase for value

without notice of such claim

PUBLIC NOTICE

WHAT IS A CHEQUE?

The states of Maharashtra and Gujarat

have introduced relevant provisions in

the relevant statutes requiring

registration of notices providing details

of the pendency of any litigation in

respect of the property

LIS PENDENS

WHAT IS A CHEQUE?

Enquire from the Corporation as to

whether there are any claims of the

Corporation on the property for any

taxes, arrears of municipal bills or water

charges or any other cess bills in respect

of the property

STATUTORY CHECKS

WHAT IS A CHEQUE?

Any such arrears as mentioned are a

first charge on the property

If not enquired, the Purchaser remains

liable for all the claims, as the same is a

first charge on the property

STATUTORY CHECKS

WHAT IS A CHEQUE?

Need to ascertain

whether the property or any portion

has been notified under the Land

Acquisition Act for any public purpose;

whether any notice, notification, action

or claim is pending

LAND ACQUISITION

WHAT IS A CHEQUE?


thereof is included in the set-back; and


thereof is reserved for any public

purpose that is, reserved for garden,

school, hospital, development road or

for any other purpose

LAND ACQUISITION

WHAT IS A CHEQUE?

The Hindu Succession Act, 1956 -

governs Hindus, Buddhists, Jains and

Sikhs,

Customary Laws of Muslims govern the

Muslims

FAMILY LAWS

WHAT IS A CHEQUE?

Indian Succession Act, 1925 - govern

the Jews, Indian Christians and Parsis.

However, succession to the property of

any person whose marriage is

solemnized under the Special Marriage

Act, 1954 is regulated by the provisions

of the Indian Succession Act, 1925

FAMILY LAWS

WHAT IS A CHEQUE?

Indian Succession Act, 1925 - govern

the Jews, Indian Christians and Parsis.

However, succession to the property of

any person whose marriage is

solemnized under the Special Marriage

Act, 1954 is regulated by the provisions

of the Indian Succession Act, 1925

FAMILY LAWS

WHAT IS A CHEQUE?

Maharashtra Land Revenue Code, 1966 Maharashtra Agricultural and Tenancy

ActUrban Land (Ceiling and Regulation)

Act, 1976 Bombay Public Trusts Act

PROPERTY LAWS

WHAT IS A CHEQUE?

property cannot be used for any

purpose other than the sanctioned

purpose

prior sanction of the relevant regulatory

authority is required for the change in

user of the property

USAGE

WHAT IS A CHEQUE?

absolutely essential to consider the

restrictions imposed under various

legislations on the sale or transfer of

property or the change of user of the

property under various circumstances

agricultural land, tribal land etc

USAGE

WHAT IS A CHEQUE?

Non Agriculture Permission

If agricultural land needs to be developed for residential/commercial/ industrial use, then such land has to be converted to non-agricultural land

Along with this, one needs to take the latest receipts evidencing the payment of Non Agriculture Tax

USAGE

INSPECTION OF DOCUMENTS

Documents pertaining to land

Conveyance Deed or Sale Deed

This is a deed by which the title of property is conveyed and ascertains whether the property is on the land belonging to the society/ builder/ development authority in which the property is located.



7/12 Extract

This is a document issued by Tehsildar or the concerned land authorities giving details such as the survey numbers, area, date from which current owner is registered as owner



Index II

This is a document issued by the office of the Sub-Registrar of Assurances. It mainly mentions the names of the sellers & purchasers of a property for which the document is registered.


Documents pertaining to project / building

Development Agreement

Agreement entered into by the builder with the landowner contains the terms and conditions on which the landowner has permitted development of his property



Approved Building Plan

The building plan made by the Developer / Builder needs to be approved by the Municipal Corporation or the concerned authority



Intimation of Disapproval “IOD”

IOD is issued to the builder intimating that the proposed plan submitted by the builder is disapproved to the extent of details mentioned in the said IOD


Commencement Certificate

This certificate is given by the Municipal Corporation permitting the Builder to begin construction. This is done once the plans have been approved


Building Completion Certificate

This Certificate is given to the Builder once the said building is complete

Occupation Certificate

This certificate is given when the building in all respects is fit for occupation


Flats

Approved plans/specification Commencement certificate I.O.D. Occupation Certificate Building Completion Certificate Title Certificate Deed of Transfer

THANK YOU

CONTACT US

• UNIVERSAL LEGAL 5th Floor, Kimatrai Building 77/79 Maharshi Karve Road Mumbai – 400 002

• Phone: 2203 4293 - 95 • Fax: 2203 9845• E-mail: [email protected]

mailto:[email protected]

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