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The activities to be undertaken by the buyer of immoveable property will be generally classified into: Pre-registration and Post-registration activities.
Pre-registration activities involve characteristic the placement of the property, ascertaining the valid and marketable title of the seller, Legal scrutiny report, Mode of payment, Sale Agreement, etc. Before registration of the sale deed, it's important to verify all the relevant documents in original, so as to rule out subsistence of any reasonably bank mortgages or encumbrances.
As the purchase of a property involves investment running into lakhs of rupees, availing the services of AN Advocate having adequate expertise in property transactions would vastly facilitate the intending buyer in protective his right, title and interest within the property.
Post registration activities ar the steps to be undertaken by the buyer when registration of the sale deed. There ar bound needs to be consummated so as to urge valid title and to exercise possession over the immoveable property by the buyer. the subsequent ar the essential activities needed to be applied by the purchaser:
1. to get Original Documents: the primary and foremost activity to be performed by the buyer is to get original documents of title from the vendor and compare them with the xerox copies, that the purchaser’s advocate would have scrutinized. If the advocate requires different original documents or certified copies, guarantee production of a similar. it's invariably wise to use for certified copies of the sale deed.
2. Encumbrance Certificates: it's conjointly necessary to register the applying for updated encumbrance certificate within the Sub-Registrar workplace on the day of registration itself, that shall be from the date of getting in AN agreement to the date of execution of sale deed.
3. Possession of property: Physical Possession of the property is of significant importance. it's wise to examine the property on a daily basis prior registration to create positive that the property is as per the sale agreement. one among the clauses to be incorporated within the sale agreement is that the seller shall give vacant possession of the property and therefore the buyer shall receive all the keys of the property at the time of registration. If need be, one might amendment the most door lock itself.
In case of vacant sites, it's necessary to place up a board with the wordings “This property is closely-held by………….. Trespassers are going to be prosecuted”. Fencing of websites or putt up compound walls, tho' big-ticket, is desirable. Periodical visits to the location ar a requirement to discover any reasonably encroachment.
4. Transfer of Khatha and Khatha Extract of the property: when registration of the sale deed, the buyer should make sure that the Khatha within the records of the native bodies like Gram Panchayath, CMC or the town Corporation is transferred in his name. For such transfer, it's necessary that each the client and therefore the trafficker ought to sign the applying for transfer of Khatha, that is completed at the same time whereas language the sale deed. this can be necessary to avoid gratuitous disputes and complications in future.
Duly crammed Khatha transfer applications ought to be given before the involved workplace, in conjunction with a replica of the sale deed and receive necessary acknowledgement.
At the time of execution of sale deed, the seller needs to sign the subsequent documents:
-> Khatha transfer application,
-> Letter for transfer in favour of the buyer of Statutory deposits for electricity meter,
-> Letter for transfer in favour of the buyer of Statutory deposits for water, healthful affiliation,
-> In case of used sale of flat, letter for transfer of flat Membership and Corpus fund needs to be obtained by the buyer from the vendor.
The following is that the procedure concerned for transfer of Khatha:
-> To gift AN application within the prescribed kind within the workplace of the City / Town Municipality or Corporation having jurisdiction in conjunction with the supporting legal document giving all particulars needed within the application. within the legal document, it's necessary to declare that you simply ar this owner.
-> To enclose certified copy of the sale deed with the most recent tax paid receipt of the property.
-> To furnish Khatha Certificate within the name of your merchandiser.
-> The sketch showing the section giving particulars of the ward or zone, name of the road, etc and deposit the fee fastened.
Local bodies transfer Khatha within the name of the buyer when grouping a transfer fee, that is mostly a pair of of revenue enhancement paid on the sale deed and issue written confirmation of transfer within the name of the buyer. whereas transferring the Khatha, native bodies, re-assess the property and issue assessment notice within the name of the buyer. Further, tax paid receipt ought to be within the name of the new owner.
For the properties returning inside the jurisdiction of BMP, processed Khatha Certificate and Khatha Extract are going to be issued. Khatha Certificate is AN echt document to prove the possession and possession of a selected person over the immoveable property. whereas Khatha Extract reflects the particular sital space and engineered up space, if the building is existing. Further, land tax needed to be paid also will be mirrored within the Khatha Extract, which is able to be fell upon when appraisal.
5. Building License and Plan: If you're assuming to create material alterations or proposing to construct a replacement building on the property nonheritable by you, it's necessary for you to urge the license and set up approved the native bodies inside whose jurisdiction your property falls. this could be obtained solely when depositing the prescribed fees. so as to urge the License with approved set up from the authorities, the Khatha of the property should sub your name within the revenue records of the involved native body and up-to-date taxes got to are paid. the traditional procedure for securing License with approved building set up is to get ten sets of blue prints of plans from licenced architect / building engineer.
Construction needs to be commenced when the license is obtained and may be completed inside a pair of years from the date of getting the license and approved set up, which is able to be stipulated within the set up itself. However, you'll be able to get AN extension if the development couldn't be completed inside the stipulated amount. Once the development of the new building is finished, you want to get such a house / building assessed anew and pay taxes as determined by the involved revenue authorities.
6. Power connection: when Khatha is transferred within the name of this owner, this owner needs to guarantee on whether or not the statutory payments/deposits in respect of the property together with the electricity charges ar paid inside the stipulated time. If contemporary or new electricity affiliation is to be obtained, it's essential to enlist the services of the licenced Contractor. the quantity} of deposit to be created depends upon the requisitioned load or number of kilowatts needed. just in case the property is already maintained with electricity, AN application needs to be given by the buyer within the prescribed kind before BESCOM or different competent authorities having jurisdiction, introduction AN legal document declaring that you simply ar this owner and by filling up the particulars needed within the application in conjunction with the consent letter of the previous owner for such transfer. afterwards, the electricity meter are going to be transferred within the name of this Owner.
7. Water and waste connection: The buyer ought to conjointly verify the statutory payments / deposits created by the previous owner and collect such deposit receipts from the vendor. For contemporary connections, it's fascinating to enlist the services of a professional artisan. just in case your property already has water connections, then same procedure pro re nata for amendment of power affiliation needs to be followed. However, the documents ar to be given before the involved authority.
9. Corpus Fund ANd Club Membership: If the buyer is assuming to purchase an flat, it's conjointly necessary that the seller needs to issue a letter for transfer of corpus fund and club membership within the name of the buyer.
10. Bank Loan: In case the buyer desires to avail loan then the buyer is needed to deposit all the relevant title documents in original with the Bank and procure endorsement thereto result from the involved Bank. However, it's wise to stay zerox copies of such documents supposed to the deposited within the Bank for private records.
Thus, mere execution of the sale deed doesn't mechanically confer the title in favour of the buyer. someone will relish legal and peaceful possession and pleasure of the property solely when the post-registration activities ar completed.
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