Section 18 of the Act defines the instruments for which registration is optional. Some of these instruments are mentioned under :- a) instruments (with the exception of gift and will instruments) relating to the transfer of a property worth less than one hundred rupees. b) instruments that confirm receipt or payment of consideration. c) renting a property for up to one year. (d) instruments that transfer a decree or court order where the subject of an order-in-council or decision is a property with a value of less than one hundred rupees. e) Will. In the second scenario, banks may insist on a higher real estate registration value based on their internal valuation of real estate. In one case, my client bought a property for 63L, while the district rate was 72L. In this case, the bank insisted on registering the property at 80L. The reason is that the value of the bank has valued the value of the real estate at 80L.
Banks are particularly above the value of real estate, so in the event of a default, they should get fair market value per auction. The “purchase agreement” format can be displayed by clicking on this link. There is a possibility of a violation of the sale that results in legal action on price and damages, while any violation of the terms of a sales contract results only from the action for damages. A deed of sale is considered a mandatory registered instrument, while a sales agreement varies from state to state. These documents should be accompanied by all other documents necessary for the sale agreement. This shows the willingness of both parties to sell and buy a property in question, and concludes with the creation of the actual sales statement. This cannot therefore be characterized as a deed of sale, as it does not create any rights to the property for the buyer. Under the Indian Registration Act of 1908, any interest transfer agreement must be registered on property worth more than 100 rupees. Therefore, if you purchased a property for sale as part of an agreement without a good state of sale, you will not receive any right or interest in the property that would be transferred under the sale contract. This absolute rule is subject to the exception of Section 53A of the Transfer of Ownership Act.
Section 53A provides that the seller has no right to disturb the purchaser`s possession if the purchaser has entered into possession of the property that is the subject of the transfer, while fully acquiring its portion of the contractual obligation. It should be noted that Section 53A provides the proposed purchaser with a shield against the seller and prevents the seller from disrupting the purchaser`s property, but it does not cured the buyer`s property. The property`s ownership remains in the hands of the seller. 2. The value of the property is higher than the circle rate: this is the most common scenario. In this case, the buyer has the option to register the real estate at the district rate. Let me make it clear that in this case, it is perfectly legal to circle real estate below the value of real estate. A buyer can execute the transfer of rights to bridge the gap between the cancellation of the right of sale and the value of the sales contract. If it follows this agreement, a buyer can save on stamp duty and registration fees.
Under Section 32 of the Registration Act, the provisions relating to the presentation of registration documents by an individual were in the process of being adopted in 1908. Subject to certain exceptions, any document that must be registered under the provisions of the Act should be submitted to the relevant registrar: (a) the person concerned himself or b) the representative or agent of a duly authorized person in accordance with Section 33 of the Registration Act 1908.