Mayfair Housing - Information

Information

Stamp paper

As per the amendment of section 34 of the Bombay stamp Act 1958, the stamp paper should purchased be in the name of one of the parties executing the document. The stamp papers are available at the places mentioned below :-

	General Stamp Office.
	Bandra Stamp Office.
	Metropolitan Magistrate Court.
	City Civil Court.
	Bombay High Court.
	Small Causes Court.
	Sales Tax Office.
	Income Tax Office.

With a view to reduce hardship to common man, the office of the Superintendent of Stamp has appointed a number of Stamp Vendors.

Compulsory Registration of Documents Section 17 of the Registration Act, 1908

(A) Instruments on which registration is compulsory

lays down different categories of documents for which registration is compulsory. The documents relating to the following transactions of immovable properties are required to be compulsorily registered:

Instruments of gift of immovable property.

Lease of immovable property from year to year or for any term exceeding one year or reserving a yearly rent.

Instruments which create, extinguish, declare, assign or limit any right, title or interest to or in an immovable property of a value of more than one hundred rupees. Under Section 2(6) of the Registration Act, 1908 the term "immovable property" includes: "land, buildings, hereditary allowances, rights to ways, lights, ferries, fisheries or any other benefit to arise out of land, and things attached to the earth, or permanently fastened to any thing which is attached to the earth, but not standing timber, growing crops nor grass."

(B) Place

Place for Presenting document for registration Section 28 of the Registration Act, 1908 states that all documents of which registration is compulsory if it relates to an immovable property as well as a few documents of which registration is optional should normally be presented for registration in the office of the Sub-Registrar within whose sub-district the whole or some portion of the property to which the document relates is situated.

All documents are required to be presented for registration to the proper office within 4 months from the date of its execution.

(D) Fees

Fees for registration of a document The State Government has been empowered to fix the fees for registration of the document. The registration fees at present fixed for registering documents relating to property transactions are approximately 1% of the consideration of the document but subject to a maximum limit of Rs.30,000/-. The registration fee for the following immovable property transactions is leviable on the market value of property on which stamp duty is charged. Conveyance, Exchange, Gift, Partition, Transfer of Lease by way of Assignment, Sale, Power of Attorney given for consideration and Authorization to the attorney to sell the property. In the case of lease, the amount of registration fees will be dependent either on the premium or on the sum payable under the lease or period/periods of lease. Person entitled to present the document to the Registering Officer for Registration Section 32 of the Registration Act, 1908 deals with the provisions relating to the presenting of documents for registration by a person. Subject to certain exceptions, every document which is to be registered under the provisions of the Act should be presented at the proper registration office by:

(a)	the concerned person himself/herself, or
(b)	the representative or the agent of such a person duly authorized by a power of attorney duly authenticated in a manner as is stated in Section 33 of the Registration Act, 1908. Registration of a document compulsory under the provisions of The Maharashtra Ownership Flat Act, 1963 Registration is necessary under the provisions of this Act.

(E) Formalities to be compiled for registration

Procedure at the time of lodging a document for registration For registration of any instrument, the original document which should be printed on one side only along with two photocopies of the original have to be submitted to the Registering Officer. The copies are required to be photocopied only on one side of the paper and there has to be a butter paper between the two photocopied papers.

The registration of documents also requires 2 photocopies of the parties executing the document. Also the left hand thumb impression is required of both the parties executing the document.

The registration procedure also requires the presence of two witnesses and the payment of the appropriate registration fees. On completion of the procedure, a receipt bearing a distinct serial number is issued. The following requirements for completing the registration are usually stated on the receipt:

1.	Market Value of the property;
2.	Urban Land Ceiling declarations of the transferor/s and the transferee/s.
3.	As per Sec. 139 A of Income Tax Act, 1961, every person shall quote his PAN / general index register no. in all documents pertaining to transactions of sale and purchase of any immovable property valued at Rs. 5,00,00/- or more. Explanation: Here value of the property means the value as determined by the registration authority from the ready reckoners of fair market value considered for payment of stamp duty and registration. However, if a PAN is not allotted, the person in Form No. 60 giving therein the particulars of such transaction.

(F) Effects for Non-registration of documents

U/S 49 of the Act, any document requiring compulsory registration U/S 17 or by any provision of the transfer of Property Act, 1882 if not registered, no document shall:

a)	Affect any immovable property comprised therein.
b)	Confer any power to adopt or
c)	Be received as evidence of any transaction

Time permitted for registration of a document Under Section 23 of the Act, subject to certain exceptions, any document other than a will has to be presented for registration within four months from the date of its execution. The term "execution" means signing of the agreement. Under the present rules and regulations, all agreements in respect of a transfer of a premise or an immovable property have to be duly stamped, under the provisions of the Bombay Stamp Act, 1958 before the document is presented for registration. Provisions under the Act for the registration of a document after the expiry of the prescribed period of four months Section 25 of the Registration Act, 1908 lays down the provisions for cases where the prescribed time period for registration is lapsed and where the delay in presentation of a document does not exceed four months and is inevitable due to any urgent necessity or an unavoidable accident. If a document is not presented for registration within the prescribed time period of four months, and if in such a case the delay in presentation of the document does not exceed a subsequent period of four months, then the parties to the agreement can apply to the Registrar, who may direct that on payment of a fine not exceeding ten times the proper registration fees, such a document should be admitted for registration. Delay in Registration - provision for additional four months The practice followed in such an event is that the parties to the document execute a Deed of Confirmation confirming that the main deed is valid and binding upon them. By way of such a deed the transferor/s also confirm/s that he/they hold/s no right, title and interest in the property and the same is being transferred to the transferee/s. A copy of the main deed is annexed to this Deed of Confirmation. This is the only manner in which the lapse in registration can be rectified. Document relating to an immovable property in India be executed out of India A document relating to an immovable property can be executed out of India and later it can be presented for registration in India. As per Section 26 of The Registration Act, 1908 if a document purporting to have been executed by all or any of the parties out of India is presented for registration within the prescribed time, the Registering Officer may, on payment of proper registration fee, accept such document for registration if he is satisfied that: a. the instrument was executed out of India. b. the instrument has been presented for registration within four months after its arrival in India.

MOFA

Under Section 4(1) of The Maharashtra Ownership Flats (Regulation of the promotion of construction, sale, management and transfer) Act, 1963, it is laid down that, notwithstanding the provisions of any other laws, the agreement in respect of flats to be sold by the owner/ promoter/developer to the flat purchaser requires compulsorily to be registered under The Registration Act. Registration under the provisions of The Maharashtra Apartments' Ownership Act, 1970 Registration is necessary under this Act. Under Section 13 of The Maharashtra Apartment Ownership Act, 1970 it is necessary on the part of the owner/owners to execute a declaration with regard to description of the land on which the building and improvements are to be located, including the number of storeys, basements, number of each apartment, area of each apartment, number of rooms and immediate common area etc. along with a set of floor plans of the building showing the layout, location, and dimensions of the appurtenance and bearing the verified statement of an architect certifying that the same is an accurate copy of the floor plans of the building as filed with and approved by the local authority within whose jurisdiction the building is located. Section 13(3) of the said Act requires that in all registration offices a book called Register of Declarations and Deed of Apartments under The Maharashtra Apartment Ownership Act, 1970 and a relevant index, be in a particular form and should contain such particulars as the State Government may prescribe. Under Section 13(5) of the said Act, the Sub-Registrar or Registrar must register the declaration along with floor plans of the building and the Deed of Apartments in the Register of Declarations and Deed of Apartments under the said Act and shall also enter the particulars prescribed in the index kept under sub-section (3).
Any person acquiring any apartment or any apartment owner shall be deemed to have notice of the Declaration and of the Deed of Apartments as from the date of its registration under this section. Necessity of registering a document if a person agrees to transfer his right, title or interest in a premises purchased from an owner / promoter / developer to another person before the society is formed It is advisable to get an agreement registered in these circumstances. Necessity of Registration of an agreement to transfer a flat after the registration of a co-operative society After the registration of a co-operative society the purchasers of various premises become members and shareholders of such a society, and as such the members are thereby governed under the provisions of The Maharashtra Co operative Societies Act, 1960.

Cancellation Deed

The cancellation of a duly executed and registered document by mutual consent may arise in some circumstances. In that event, the Deed of Cancellation will also have to be registered. At the same time no document can be cancelled unless all the parties to it have mutually agreed to the cancellation. Deed of Rectification If the main document/agreement is registered and then in that event it is always necessary to register the Deed of Rectification too. Blanks, erasures or alterations in a document. They are permissible as per Section 20(1) of the Act, but the persons executing the document should attest with their signatures or initials such blanks, erasures or alterations. As per Section 20(2), while registering such a document, it is the duty of the Registering Officer to make a note of any such blank, erasure or alteration in the register. The procedure on admitting a document to registration The Registering officer has to endorse the following particulars, namely: a. The signature and admission of every person admitting the execution of the document in person or by his representative, assign or agent; b. The signature and admission of every person examined in reference to such a document; c. Any payment of money or delivery of goods made in the presence of the Registering Officer in reference to the execution of the document and any admission or receipt of consideration made in his presence in reference to such execution. After completion of all formalities related to registration, such original documents are returned by post or by hand delivery only after the proper procedure for the preservation of the original document has been completed by the Registration Authorities. Documents unclaimed from the Registrar for a very long period of time. Section 85 of the Registration Act, 1908 states that all documents (other than Wills) remaining unclaimed in any registration office for a period exceeding two years may be destroyed.

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