Registration and resale flats

THE agreement should be registered with the Sub-registrar of assurances under the provisions of the Indian Registration Act within four months from the date of its execution.

Stamp duty should be paid prior to the Registration. In Maharashtra, as of date, the registration fee is approximately 1 per cent of the true market value, subject to a ceiling of Rs 20,000.

Resale flat: For flats being purchased in a registered co-operative society:

*Share certificate of the society bearing the name of the seller;

*Previous chain of conveyance/sale deeds, Sub-Registrar's receipt;

*37 (I) clearance, if applicable;

*A certificate from the Income-Tax authorities (to be obtained by seller);

*Original stamped receipts of payment made to previous sellers;

*No objection certificate from the society for transfer, and sale of flat Last receipt for the outgoings bill paid to the society, and electricity bill;

*Set of society transfer forms for transfer of ownership;

*Certificate of Title from an advocate;

When one sets out to purchase a flat in a registered co-operative society, the documents that need to be checked initially are:

*The share certificate issued by that society in favour of the owner. This would ensure that the owner is recognised by the society.

*Previous chain of original conveyance/sale deeds. If the deed has been lodged for registration, then one should ask for the certified true copies of such conveyance, sale deeds, and so on, along with the original receipt of the Sub-Registrar, where the document has been lodged for registration.

*Original stamped receipts for payments made to the previous sellers.

(To be continued)

(Source: www.hdfc.com.)

10P>This guidance note is an attempt to help prospective buyers of property. It is for the limited purpose of information only. You are advised to consult your advocate/solicitor before undertaking any transaction/documentation. This information is provided solely for the sake of providing a broad overview to property transactions and the concepts and description of documents within this note are only general descriptions. HDFC undertakes no responsibility of determining the applicability and these concepts and documents in each case.