DOCUMENTS REQUIRED AND OTHER ISSUES
Because of lack of standardization of immovable property documents, Buyers/Sellers have to be very cautious while transferring immovable property. In a immovable property sale/purchase transaction, process of transfer completes after:
1. Payment of full consideration,
2. Execution / Registration of title documents before the concerned registering authority,
3. Transfer of peaceful possession of the property.
Legal Title Documents
When the immovable property acquired by way of allotment by the Government Development Authorities like DDA, GDA, HUDA, PUDA, MDA and other such authorities, an Allotment letter is issued by the authorities which is the conclusive title document.
When the allotment is by a Co-operative Group Housing Society, a Share Certificate constitutes the title document.
When the property is purchased from a private builder/person, a Sale/Conveyance/Transfer deed duly registered on required Stamp Papers would be the legal title document to own a immovable property.
Conveyance deed executed and duly registered.
Other legal documents like GPA, Will duly registered.
Jamabandi and other land record maintained by Patwaris and other state authorities in case of Agriculture land.
Document Chain
After knowing about various legal documents for different types of immovable properties, one has to consider very important aspect of document chain. Document chain is sequence of each legally executed transfer document taking place from its first owner to the last owner. This is very important aspect to be taken care of as any defect in previous owner’s title, buyer will not get good title to the Immovable property.
Seller/Vendor must ensure the following while selling a immovable property :
1. A clear and marketable title to the immovable property.
2. The title to the immovable property on sale must be free from all encumbrances, claims and court proceedings.
3. The ownership of the titleholder be traced from title deeds and revenue records.
Documents required for selling a flat in a Registered Co-operative Society
The documents that may be furnished for the perusal by the purchaser are as follows:
1. A Copy of the Share Certificate issued by that Society in favor of the Seller.
2. Previous chain of original Conveyance/Sale Deeds. If the Deed has been lodged for Registration, then a copy of such Conveyance, Sale Deed, etc. along with a photocopy of the receipt from the Sub-Registrar where the document has been lodged for registration must be provided.
3. Copies of stamped receipts for payments made to the previous Sellers.
The intending purchaser can ask the Seller to apply for a 'No Objection Certificate' from the Society indicating that the Society has no objection to transfer the Share Certificate in favor of the intended purchaser and admitting the purchaser as a member of that Society. The Certificate should also confirm that the Seller has no default/outstanding payments to be made to the Society as of date.
A set of Society transfer forms, etc. for transfer of ownership should be duly filled and signed by the Seller and purchaser to be submitted to the concerned Society.
In case of a flat where the Society has not been registered or the flat is originally allotted by the Development Authority, copies of the following documents may be made available to the purchaser for perusal:
1. Previous chain of agreements with past owners in original with original receipt of Registration (if any)/original letter of allotment issued to the first owner by the development authority. In case the latest agreement is pending registration, the original receipt issued by the Sub-Registrar acknowledging the pending Registration needs to be shown along with a certified true copy of that agreement.
2. Original stamped receipts of payments issued to the previous and present Seller by the Builder/Development Authority/Society.
3. Transfer permission from the respective authority i.e. Development Authority/ Society.
4. Copy of approved plan & occupation certificate issued by Competent Authority (like the Municipal Corporation).
Documents pertaining to a resale flat in a Registered Co-operative Society:
• Share certificate of the Society bearing the name of the Seller
• Previous chain of conveyance/sale deeds, Sub - Registrar's receipt
• Original stamped receipts of payment made to previous Sellers
• No objection certificate from the Society for transfer and sale of flat
• Last receipt for the out goings bill paid to the Society and electricity bill
• A set of Society transfer forms for transfer of ownership
• Certificate of Title from an Advocate
As soon as the documents are vetted by the purchaser's Advocate and the purchaser decides to go ahead with the transaction, the intending purchaser can ask the Seller to get a No Objection Certificate issued. This Certificate should place the transfer of the Share Certificate in favor of the intended purchaser, admitting that no default/outstanding payments are to be made to the Society as of date.
A set of Society Transfer Forms, etc for transfer of ownership needs to be duly filled and signed by the Seller and purchaser and should be submitted to the concerned Society.
Because of lack of standardization of immovable property documents, Buyers/Sellers have to be very cautious while transferring immovable property. In a immovable property sale/purchase transaction, process of transfer completes after:
1. Payment of full consideration,
2. Execution / Registration of title documents before the concerned registering authority,
3. Transfer of peaceful possession of the property.
Legal Title Documents
When the immovable property acquired by way of allotment by the Government Development Authorities like DDA, GDA, HUDA, PUDA, MDA and other such authorities, an Allotment letter is issued by the authorities which is the conclusive title document.
When the allotment is by a Co-operative Group Housing Society, a Share Certificate constitutes the title document.
When the property is purchased from a private builder/person, a Sale/Conveyance/Transfer deed duly registered on required Stamp Papers would be the legal title document to own a immovable property.
Conveyance deed executed and duly registered.
Other legal documents like GPA, Will duly registered.
Jamabandi and other land record maintained by Patwaris and other state authorities in case of Agriculture land.
Document Chain
After knowing about various legal documents for different types of immovable properties, one has to consider very important aspect of document chain. Document chain is sequence of each legally executed transfer document taking place from its first owner to the last owner. This is very important aspect to be taken care of as any defect in previous owner’s title, buyer will not get good title to the Immovable property.
Seller/Vendor must ensure the following while selling a immovable property :
1. A clear and marketable title to the immovable property.
2. The title to the immovable property on sale must be free from all encumbrances, claims and court proceedings.
3. The ownership of the titleholder be traced from title deeds and revenue records.
Documents required for selling a flat in a Registered Co-operative Society
The documents that may be furnished for the perusal by the purchaser are as follows:
1. A Copy of the Share Certificate issued by that Society in favor of the Seller.
2. Previous chain of original Conveyance/Sale Deeds. If the Deed has been lodged for Registration, then a copy of such Conveyance, Sale Deed, etc. along with a photocopy of the receipt from the Sub-Registrar where the document has been lodged for registration must be provided.
3. Copies of stamped receipts for payments made to the previous Sellers.
The intending purchaser can ask the Seller to apply for a 'No Objection Certificate' from the Society indicating that the Society has no objection to transfer the Share Certificate in favor of the intended purchaser and admitting the purchaser as a member of that Society. The Certificate should also confirm that the Seller has no default/outstanding payments to be made to the Society as of date.
A set of Society transfer forms, etc. for transfer of ownership should be duly filled and signed by the Seller and purchaser to be submitted to the concerned Society.
In case of a flat where the Society has not been registered or the flat is originally allotted by the Development Authority, copies of the following documents may be made available to the purchaser for perusal:
1. Previous chain of agreements with past owners in original with original receipt of Registration (if any)/original letter of allotment issued to the first owner by the development authority. In case the latest agreement is pending registration, the original receipt issued by the Sub-Registrar acknowledging the pending Registration needs to be shown along with a certified true copy of that agreement.
2. Original stamped receipts of payments issued to the previous and present Seller by the Builder/Development Authority/Society.
3. Transfer permission from the respective authority i.e. Development Authority/ Society.
4. Copy of approved plan & occupation certificate issued by Competent Authority (like the Municipal Corporation).
Documents pertaining to a resale flat in a Registered Co-operative Society:
• Share certificate of the Society bearing the name of the Seller
• Previous chain of conveyance/sale deeds, Sub - Registrar's receipt
• Original stamped receipts of payment made to previous Sellers
• No objection certificate from the Society for transfer and sale of flat
• Last receipt for the out goings bill paid to the Society and electricity bill
• A set of Society transfer forms for transfer of ownership
• Certificate of Title from an Advocate
As soon as the documents are vetted by the purchaser's Advocate and the purchaser decides to go ahead with the transaction, the intending purchaser can ask the Seller to get a No Objection Certificate issued. This Certificate should place the transfer of the Share Certificate in favor of the intended purchaser, admitting that no default/outstanding payments are to be made to the Society as of date.
A set of Society Transfer Forms, etc for transfer of ownership needs to be duly filled and signed by the Seller and purchaser and should be submitted to the concerned Society.
