Saturday, February 20, 2016

PROPERTY REGISTRATION

PROPERTY REGISTRATION


Registration expenses
It is obligatory on the part of the purchaser to bear the expenses incurred towards stamp duty, registration charges and other incidental expenses to be incurred in connection with the registration of the apartment. Infact, the Builders are collecting Sales tax, service tax, statutory deposits for Bescom and BWSSB.
Registered sale deed
Registered sale deed is the document which establishes ownership title of the apartment in favour of the purchaser. While making the Registration of Sale Deed, certain factors need to be verified, such as: Operative words of the Sale Deed; Consideration passing details; Devolution of the Property conveyed; Flow of title of the Property to the Vendor; Indemnity Clauses, etc. .
Further, the property which you intend the purchase is to be properly conveyed to you along with undivided share of land, besides Super built-up area.  Generally, in the Apartment land owners will be more than one person, in such cases, they have to be represented by the Developer being the Registered General Power of Attorney holder for the Developer’s share of land; and in case of Owner’s share of land, basing on the Sharing Agreement, they cannot convey the flat individually and instead all the owners jointly only can convey the property because it being undivided share of land and right of ownership of ingress and egress to be conveyed effectively.  Further, the Sharing Agreement is just an agreement and it cannot convey any ownership rights. Relying on the sale deed the concerned Revenue authorities issue other supporting documents of title such as Khatha Endorsement, Khatha Extract and the Tax paid receipts.
Conveyance/Sale Deed
Normally, before purchase of an apartment, a sale agreement is executed by the Owner, [represented by the OPA Holder where there exists a OPA holder] and the Builder, agreeing to sell an undivided share in the land in favour of the intending purchaser. While at the same time, a construction agreement is also executed by the Builder in favour of the intending purchaser agreeing to construct an apartment for him. Once construction of apartment is complete, a sale deed is executed jointly by the vendor of the land and the builder/Promoter in accordance with the terms and conditions of the Joint Development Agreement, if any, in favour of the purchaser. The sale deed specifically recites the duties and responsibilities of the buyer and the seller. As regards sale consideration, it is arrived at upon consideration of the various aspects such as location, specification of the work, carpet area and percentage of Carpet area to Super Built up Area and as agreed to between the parties.
Registration under Apartment Owners' association
After completion of construction and handing over of the apartments to the purchasers, the owners of such apartments are required to form an association for the general well-being of the owners or residents of the apartments and for maintenance of common areas. Upon formation of such an association, the builder is duty bound to hand over originals of all the relevant title deeds, detailed drawings of electrical, water and sanitary lines to enable the Association to utilize the same for the common good whenever required. The Apartment Owners’ Association can be formed either under the Karnataka Apartment Owners’ Association Act or Karnataka Societies Act.
A word of caution
Do not go by glossy advertisements and tall claims of the builder. There are several instances wherein the apartments purchased by a few are inflicted with certain latent defects which remain unattended to by the builder when once the sale transaction is complete pushing the purchaser to suffer both in terms of comfort and finance. There are many reputed builders available in the market with impressive track records. Choose anyone of them and have a peaceful enjoyment of your apartment.
More,

Whitefield    
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