(Advocate S Selvakumar|Property advocates in Bangalore|Property lawyers in Bangalore)
Identifying
an acceptable property is that the opening taken towards the purchase of a property.After finishing identical, documentation is that the next and really necessary fact.The agreement to sell is ruled by the provisions of the India Contract Act
(1872) and therefore the Transfer of Property Act (1882).
Mode
of stamp duty
Previously,
documents were ready on the stamp paper issued by the govt. Department.After
the ‘Telgi Scam’, usage of the stamp papers was prohibited in Karnataka.Now, a
written report or Rs a pair of document sheet that is issued by the department
of Registration is most well-liked.Concerning revenue enhancement,it's to be
created either by means of Pay a pay order / Demand Draft or Banker’s Cheque in
favor of the involved Sub-Registrar. The Registration charges, either by means
of a DD or money, must be submitted to the involved Sub-Registrar.The main
points of the stamp duty and registration charges are entered by the
Sub-Registrar on the reverse aspect of the sale deed.
The beginning
The documents
contain many distinct components.The name and outline of the documents is that
the 1st, within the documents. This offers a general indication concerning the
nature of the document. However, contents are the foremost necessary issue to
make a decision the character of the document. The date and place of the
execution of the document is that the starting of the document.The date of the
documents could dissent from the date of registration.The documents will be
conferred for registration inside four months from the date of execution.
However, the date and place of execution is very important for the aim of deciding the limitation and jurisdiction.
The name of
the parties to the contract, their age, father’s name, just in case of a woman
her husband’s name, and place of their residence ought to be mentioned. All the
house owners, mutually of the parties to the contract, ought to take rife care
at the time of executing such documents. The party to the contract could act
for himself/itself or on his/their behalf, could also be described by
alternative capability. In such case, the party ought to clearly mention on
what capability he/they square measure being described, that is additionally
one in every of the vital aspects within the documents.
All the
relevant facts in an exceedingly logical and written record order ought to be
narrated. The rights and obligations of the parties should be expressed. The
intention of the party ought to even be clearly mentioned within the document.
The ‘Preamble’
The Preamble
reveals the history of the property, nature of the transaction and therefore
the intention of the party. The previous history of the property will be
established, by an advocate, from the Preamble.
Operative portion
The
operative portion of the document states the character of group action, on
whether or not it's an absolute transfer or an agreement to transfer the
correct, title and interest, the thought paid, mode of payment of such thought
and balance owed, if any. The length of the completion of group action ought to
be mentioned clearly. The covenants of the seller, pertaining to clear and
marketable titles, are a very important facet for the transfer.
Default clause
In case of a
default within the payment or non-performance of the other party, remedy to be
taken, must be processed within the document itself.In case of delayed payment,
what's the share of interest owed or damages owed to the opposite party or the modes to terminate the agreement just in case of breach, ought to be expressed clearly.
In case of non-performance, execution clause ought to even be enclosed within
the document.The arbitration clause is better to be incorporated within the
agreement.
Possession
Possession
is that the most important ingredient of the group action. The time of delivery
of possession ought to be clearly and specifically mentioned. It should be
noted that the vendor needn't offer the possession of the property to the
client on the execution of the agreement or on half payment. Possession must be
on completion of the sale method and receipt of the total thought quantity once
execution of the conveyance deed.The agreement ought to additionally sit down
with the mode of possession of the property and whether or not it's vacant or
not.Once the property is released, the vendor must prepare for a rental
agreement between the present tenant and therefore the client of the property.
Description
Location and
outline ought to contain the whole measure, the municipal range, street, road,
with complete and correct boundaries and properties close the property in
agreement to be sold. It ought to additionally embrace the world, floors, style
of constructions and materials used among others. the details ought to be
thorough thus on determine the property clearly as Section 21 and 22 of the
Indian Registration Act makes it necessary to disclose the main points.
Execution
At the end,
the document ought to contain and endeavor that the executants is signing the
documents before the witnesses.The witnesses, who sign on the document, could
or might not grasp the contents of the agreement. Whereas, within the case of
willing witnesses,who have an explicit interest within the property, would
grasp the contents of the documents.The non-testamentary document ought to be
written by an Advocate or commissioned documents author and that they ought to
register identical.
Preservation
Preservation
of the initial document is that the most vital fact because it is an proof of
ascertaining the ownership of a selected person and case of his death, for his
or her legal heirs. If the initial document is misplaced or unavailable, it'd
seriously have an effect on the title of the property. it should be
probable that the property documents are
pledged with some money establishments by means of deposit of title deeds. It’s
better to laminate the documents and preserve them in safe custody.
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