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It is compulsory to get the Sale deed registered. An unregistered Sales deed has no value in the eyes of law and does not pass any title to the buyer. This means that you will not be considered a true owner of the property and you will not be able to avail any loan over it. Your legal heirs might also face the same problem later on. What you need to d...
Wazzeer Professional Network
ProfessionalDear Sir, I am planning to purchase a property in Maharashtra. The sequence of transactions is as given below: The developer sold a property to the 1st buyer in the year 1988. The 1st buyer got deceased in the year 1992. The legal heirs of the deceased person relinquished their rights in favor of their mother i,e the widow of the 1st buyer. The widow of the 1st buyer sold the flat to the 2nd holder in the year 1994. The stamp duty on both these transactions is paid along with the penalty in the year 2017 by the 2nd holder.
My question to you is 1) Since the stamp-duty along with the penalty is paid does one needs to get both these documents duly registered. How if the developer and the first buyer not available. 2) Will unregistered earlier sale deeds create any issues for me for availing housing loan? 3) Will unregistered earlier sale deeds create any issues for me while registering this property in my name . 4) Can my legal heirs have any issues in future by the governmental authorities
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Wazzeer Professional Network
ProfessionalIt is compulsory to get the Sale deed registered. An unregistered Sales deed has no value in the eyes of law and does not pass any title to the buyer. This means that you will not be considered a true owner of the property and you will not be able to avail any loan over it. Your legal heirs might also face the same problem later on. What you need to do is locate the Developer and get him to execute a sale deed in favor of the first buyer. If you cannot find the developer himself, look for his legal heir.
One thing to note is that in your case, the person to whom you refer to as the second buyer might not actually be a buyer, per se, if there was no sale of the property from husband to wife. A sale must involve consideration (price). This is devolution of property to the legal heirs of the deceased, in which case there must be a Relinquishment Deed from the legal heirs in favor of the wife of the deceased.
In the absence of the sale deed, you will need to obtain a Deed of Confirmation. If you cannot find the developer or his legal heirs, then you will have to ask the wife of the first buyer to file a declaration suit to declare her title to the property on the basis of the registered sale agreement pleading that the whereabouts of the developer is not known hence the title to the properties may be declared in her name. Once that is done, you can buy the property from her, which can be registered later on to get a title document in your favor.
In case you need any legal or accounting support in this matter -> "Get Started!"
about 4 years ago
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Dear Sir, I am planning to purchase a property in Maharashtra. The sequence of transactions is as given below: The developer sold a property to the 1st buyer in the year 1988. The 1st buyer got deceased in the year 1992. The legal heirs of the deceased person relinquished their rights in favor of their mother i,e the widow of the 1st buyer. The widow of the 1st buyer sold the flat to the 2nd holder in the year 1994. The stamp duty on both these transactions is paid along with the penalty in the year 2017 by the 2nd holder.
My question to you is 1) Since the stamp-duty along with the penalty is paid does one needs to get both these documents duly registered. How if the developer and the first buyer not available. 2) Will unregistered earlier sale deeds create any issues for me for availing housing loan? 3) Will unregistered earlier sale deeds create any issues for me while registering this property in my name . 4) Can my legal heirs have any issues in future by the governmental authorities
-
Wazzeer Professional Network
ProfessionalIt is compulsory to get the Sale deed registered. An unregistered Sales deed has no value in the eyes of law and does not pass any title to the buyer. This means that you will not be considered a true owner of the property and you will not be able to avail any loan over it. Your legal heirs might also face the same problem later on. What you need to do is locate the Developer and get him to execute a sale deed in favor of the first buyer. If you cannot find the developer himself, look for his legal heir.
One thing to note is that in your case, the person to whom you refer to as the second buyer might not actually be a buyer, per se, if there was no sale of the property from husband to wife. A sale must involve consideration (price). This is devolution of property to the legal heirs of the deceased, in which case there must be a Relinquishment Deed from the legal heirs in favor of the wife of the deceased.
In the absence of the sale deed, you will need to obtain a Deed of Confirmation. If you cannot find the developer or his legal heirs, then you will have to ask the wife of the first buyer to file a declaration suit to declare her title to the property on the basis of the registered sale agreement pleading that the whereabouts of the developer is not known hence the title to the properties may be declared in her name. Once that is done, you can buy the property from her, which can be registered later on to get a title document in your favor.
In case you need any legal or accounting support in this matter -> "Get Started!"
about 4 years ago
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