Registration of a document creates a secured legal title, interest in the subject matter of the document. It is a legal formal Time Limit for registration.
The document/s should be registered within a period of four months from the date of execution of the documents.
If for any reason, the document/s could not be registered within a period of four months then the same can’:” registered within an additional period of four months after making an application and paying penalty.
If more than eight months have passed and if one is desirous of registering the document then one should prepare the Deed of Confirmation/Declaration One Should register the Deed of Confirmation/Declaration to which the, original document has been attached as an annexure. In this case the Deed of confirmation / declaration is registered & not the annexure.
Effect of Non- registration If a particular document is required to be registered under the act is not registered then as per Section 49 of The Registrator Act, 1908, that document becomes inadmissible in the court of law. In other words it losses its legal validity in the eyes of law,
Registration Fees Registration fees is 1 % of the Market Value or Agreement Value whichever is higher subject to maximum Rs. 30,000/-. It is to be paid through Pay Order.
Documents required for registration:
Original Agreement duly executed. In case the document needs to be adjudicated it is better that an unexecuted document is submitted for adjudication.
Pay Order @ 1 % of the Agreement Value or Market Value as per Ready Reckoner towards the Registration Fees.
Two photographs of the executing parties.
Copy of PAN Card. In case the party does not have PAN Card, it has to submit form no. 60.
Original Stamp Duty receipt.
Copy of Power Of Attorney in required cases.
Two witnesses with valid identification proof & photographs.
Copy of Property Card of the Land on which the property is situated.
Photocopy of the Municipal Assessment Bill Copy if the Building is completed prior to 25-03- 1991. And for the Building completed on or after 25-03-1991, copy of I.OD/Commencement Certificate/Occupation Certificate issued by the Municipal Corporation is to be submitted.
NOC under Urban Land Ceiling Act in case the Land is transferred.
Letter from the society in case parties wishes to claim depreciation OR the Building does not have a Lift.
Stamp Duty :
Stamp duty is a levy like any other tax collected by the government. It is payable under Section 3 of The Bombay I Stamp Act, 1958. Stamp Duty Is payable on instruments and not on transactions. Stamp Duty is payable on I documents as per Schedule-l of The Bombay Stamp Act, 1958. Stamp Duty is payable on instruments before or at the time of execution or on next working day following the day of : execution. (Execution means putting signature on instruments by the person/s executing the instrument. Stamp Duty should be charged on the basis of the contents of the instrument only. In the absence of any agreement to the contrary, the purchaser/transferee has to pay stamp duty. Information such as the Carpet or Built-up area of the flat, number of floors in the building, year of construction, name of Division village and C. S. / C. T. S. number of plot of land on which property is situated must be mentioned in the agreement for sale of flat for quicker response.
Stamp Duty on residential flats in a co-operative housing society and buildings covered under Article 25(d) of Schedule I of The Bombay Stamp Act, 1958,attracts concessional rates. Whereas stamp duty on non-residential properties is charged at a flat rate of 5% of the Agreement Value. Agreement For Sale, Conveyance, Exchange, Gift, Certificate of Sale, Deed of Partition, Power of Attorney to sale immovable property given for consideration, Deed of settlement, attracts stamp duty on Market Value of the property.
Society Transfer :
The share transfer and other forms (i.e. Appendix – 4 , 13, 20(1), 20(2), 21 , 23, 25 etc..) signed by both parties along with a copy of registered sale deed and other society forms must be submitted to the Society for transfer from the seller to the buyer. Once the Managing Committee approved the transfer, the buyer/’s name/s will be mutated on the reverse of the share certificate and handed over to him for his records. This duly transferred share certificate is conclusive proof of ownership of the property.