Property Registration in Mumbai

Verifying the title documents of any assets is essential before purchasing them. The legitimacy of the legal name attached to the assets held by the seller is one of the factors that should be covered in the asset identification verification. The legitimacy and legality of the Power of Attorney, as well as the rights to participate in the alleged transaction, are examined if the transaction is carried out using the Power of Attorney holder instead of the original owner. Finally, it’s critical to confirm that the planned transaction does not limit to following any prevailing State or Federal rule. If any prevailing rule restricts signing in the record concerning that, the planned transaction is prohibited.

Only after conducting all of the aforementioned basic criminal due diligence is it appropriate to engage in price negotiation. Following agreement on a fee and a deadline for the transaction’s completion, more extensive due diligence should be carried out, which should include assessing the following factors:

  • Take a look at the 7/12 extracts, alternative/alteration extracts, assets cards, town survey cards, and most recent ones.
  • Examine the records and index of records about concerned assets inside the Sub Registrar’s office.
  • Request any objections to the proposed transaction by publishing public notifications in newspapers.
  • Verify the details of the court within whose jurisdiction the asset transfer is taking place. This verification is done to determine whether or not certain disputes are still pending.
  • Ask people in the area who own the assets and who has possession rights to them.
  • Investigate the matter with the cooperative housing association if the assets are referring to one.

Depending on the asset type, transaction, buyer, seller, and other criteria, the type of name deed verification required may change. Therefore, it is highly recommended to work with a qualified attorney to complete the assets’ identity verification.

Construct a property deed

Sale deeds should be drafted by a qualified expert as part of the overall due diligence for transactions involving the buyer and seller. Making sure that the assets are mentioned correctly in the deed requires caution. According to Section 21 of the Registration Act of 1908, it is crucial to describe the assets’ characteristics in such a way that the specified assets can be identified when registering a record of the transfer of immovable property. The record also requires the following information:

  • the address of the street where the specified home is situated, the direction of the street, its wide variety (if provided), the location of the residence, and its use.
  • Name of the current resident of the stated residence, or, if possible, the earlier resident.
  • The Cadastral Survey No./CTS of such assets is required by the town survey of those assets.

If the property inside the record is a piece of land or an outside city:

Name of the location, such as Revenue village or Taluka, where the aforementioned assets are situated. The Cadastral Survey No./CTS of such assets is required by the town survey of those assets.

The number and a series of details of a street or other assets utilizing the aspect on which the aforementioned assets are placed, for example, four boundaries (i.e. houses present together with 4 directions).

Taxes on stamps

At some point in the registration process for assets, stamp requirements, registration fees, record-keeping costs, and access costs to statistics all come into play. Stamp duty is the most significant cost element of all. By applying non-judicial stamps to the record, stamp obligations should be met. Every record must be stamped with the appropriate stamp obligation and manner, under the Maharashtra Stamp Act. In Maharashtra, stamp obligation prices are accessible at the higher settlement cost or the market value of the assets. The following stamp obligation costs are applicable based on the jurisdiction in which the assets are located:

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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