Any property transaction including a sale, gift, or mutation must be registered with the government. In addition, an Index II or Index 2 property document is issued in accordance with Section 55 of the Registration Act of 1908. This legal paperwork, together with other vital documents for record-keeping at the sub-office, registrars specifies the registration of property transactions (SRO).
Each property transaction, including sale, agreement to sell, gift, mutation, and licence, must be recorded with the government. Once finished, a new document known as the Index II or Index 2 document is published with the contents of this official documentation recorded formally.
What information is contained in the Index II document?
- The amount of money exchanged between a buyer and a seller or a renter and a landlord.
- Data pertaining to a sale deed, a gift deed, and a sale agreement, among other things
- Complete property information, including society, unit identity, building number, geographical area, parking space, survey number, terrace area, and others.
- The market value shown in the documentation
- The property’s area
- Dates for certification and compliance
- The names of the parties executing the agreement, as well as their identities and addresses
- This document will also include its distinctive registration number, which is provided to every document legally issued by the government in response to a request, to assist in understanding the year of certification, institution title, special ID, and so on.
Where does the Index II document appear?
- The Index II or Index 2 property document is utilized to certify that a property transaction is recorded in accordance with the required procedures.
- This is a certificate that does not expose any of the terms contained in the deeds but ensures their existence in the official portal.
- It can be used as proof and a summary of a property transaction’s registration.
- The legal document also represents the authenticity of registration execution.
- It may be utilised while looking for a loan in return for a property mortgage, selling or transferring property, and so on. It also demonstrates that the immovable property is complete and ready for sale.
How can I obtain the Index II paper online?
The sale deed is accompanied by an Index II or Index 2 document. It is often the second page of the deed that provides all non-confidential information about the property and the selling transaction. The government issues the certified copy as proof of the legal registration of a property finished at an SRO. Some states, such as Maharashtra, have made it possible to search the Index II/2 document online and get a certified copy.
Takeaways from the Index II paper
- The Index II document provides information regarding property transactions such as buyer and seller information, property cost, and so on.
- The Index II paperwork proves that the property transfer was recorded.
- Some states make the Index II paper available online. Otherwise, it is often appended to the selling agreement.
Frequently Asked Questions (FAQs)
- Is an Index II document mandatory for all property transactions?
- Yes, obtaining an Index II document is mandatory for ensuring the legality and authenticity of property transactions.
- What happens if a property transaction is not registered and indexed?
- Failure to register a property transaction and obtain an Index II document can lead to legal complications and challenges in establishing ownership rights.
- How long does it take to obtain an Index II document?
- The duration for obtaining an Index II document may vary depending on various factors such as the location and efficiency of the registration authorities.
- Can Index II documents be accessed digitally?
- In some regions, efforts are being made to digitize the registration process, allowing for easier access to Index II documents online.
- Are there any exemptions from obtaining an Index II document?
- While certain exemptions may exist in specific cases, it is generally advisable to ensure proper registration and obtain an Index II document for all property transactions.
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.