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1.
General Power of Attorney
This type of a Power of Attorney gives general powers to the person
in whose favor the document is executed. The person who is given
the powers is called a "Constituted Attorney" and he
is authorized to perform all kinds of acts and to execute any
document on behalf of the person who has so executed that document.
2. Special Power of Attorney
Such a Power of Attorney gives the person, power/s only for specified
act/s or 0transactions. In this case the power has to be strictly
adhered to and the Constituted Attorney cannot do anything for
which he is not duly empowered by the Power of Attorney.
Stamp Duty
Stamp duty is a pre-requisite condition, which has to be paid
before taking possession of the flat. It is essential to pay the
requisite stamp duty every time one purchases a new flat or even
when it is transferred within the family.
• Stamp Duty for
Flats :- Present rates of stamp duty for residential premises
in the city of Mumbai above Rs.5,00,000/- is Rs.7650/- plus 5%
• Stamp Duty for
Shops/ Galas/ Office Premises & GarageThe rate of Stamp Duty
for Shops/Galas/Office Premises and Garage even if used for car
parking is 5% in Mumbai. If the authorities are demanding more
stamp duty than the agreement value then a representation should
be made to the authorities emphasizing the below mentioned points
(as may be applicable)
1. Possession of the premises will be acquired at a later date.
(10% reduction in the market value is normally given by the town
planners if possession is not given to the purchaser at the time
of execution of the agreement).
2. The duty has to be paid on Sq. Meter's built up area and not
on super built up area.
3. There are reductions in the market value if the size of the
shop is big.
4. The area is lacking in infrastructural facilities.
5. There is a defect in the title of the property and therefore,
market value will also be reduced.
6. The officer should be told to inspect the premises and then
only the market value should be fixed.
• Procedure for Stamp
Duty :- When the Flat-Purchaser is desirous of entering into an
Agreement, he/she has been given the stamp duty amount which is
calculated as per the Agreement Value or Market Value whichever
is higher. Once the stamp duty amount has been given to the Flat-Purchasers
have been told to get the Pay-Order. The pay-order is given for
franking of the agreement and later on the said agreement is duly
filled and signed by the respective parties.
Compulsory
Registration Of Documents Section 17 of the Registration Act,
1908
This Act lays down different categories of documents for which
registration is compulsory. The documents relating to the following
transactions of immovable properties are required to be compulsorily
registered: Under Section 2(6) of the Registration Act, 1908 the
term "immovable property" includes: "land, buildings,
hereditary allowances, rights to ways, lights, ferries, fisheries
or any other benefit to arise out of land, and things attached
to the earth, or permanently fastened to any thing which is attached
to the earth, but not standing timber, growing crops nor grass."
1. Instruments of gift of immovable property.
2. Lease of immovable property from year to year or for any term
exceeding one year or reserving a yearly rent.
3. Instruments which create or extinguish any right or title to
or in an immovable property of a value of more than one hundred
rupees.
Place for Presenting document for registration Section 28 of the
Registration Act, 1908 states that all documents of which registration
is compulsory if it relates to an immovable property as well as
a few documents of which registration is optional should normally
be presented for registration in the office of the Sub-Registrar
within whose sub-district the whole or some portion of the property
to which the document relates is situated.
•Registration Procedure
:- At the time of lodging a document for registration of any instrument,
the original document which should be printed on one side only
have to be submitted to the Registering Officer. The registration
procedure also requires the presence of two witnesses and the
payment of the appropriate registration fees.
• On Completion of
Procedure :- A receipt bearing a distinct serial number is issued.
The following requirements for completing the registration are
usually stated on the receipt:
1. Market Value of the property;
2. Income-tax clearance; i.e., N.O.C. under Section 269 UL (3)
issued by the Appropriate Authority constituted under Chapter
XX-C of the Income Tax Act, 1961 if the same is applicable;
3. Urban Land Ceiling declarations of the transferor/s and the
transferee/s. Fees for registration of a document The State Government
has been empowered to fix the fees for registration of the document.
• Registration Fee
:- The registration fee at present fixed for registering documents
relating to property transactions are approximately 1% of the
market value or agreement value whichever is higher subject to
Maximum of Rs.30,000/- [from 1-4-2003]. The registration fee for
the following immovable property transactions is leviable on the
market value of property on which stamp duty is charged:
1. Conveyance, 2. Exchange, 3. Gift, 4. Partition, 5. Transfer
of Lease by way of Assignment, 6. Sale, 7. Power of Attorney given
for consideration,8. Authorization to the attorney to sell the
property.
• Person's Entitled
:- To present the document to the Registering Officer for Registration
Section 32 of the Registration Act, 1908 deals with the provisions
relating to the presenting of documents for registration by a
person. Subject to certain exceptions, every document, which is
to be registered under the provisions of the Act, should be presented
at the proper registration office by:
1. The concerned person himself/herself, or
2. The representative or the agent of such a person duly authorized
by a power of attorney duly authenticated in a manner as is stated
in Section 33 of the Registration Act, 1908. Registration of a
document compulsory under the provisions of The Maharashtra Ownership
Flat Act, 1963 Registration is necessary under the provisions
of this Act.
•
Consequences of Non-Registration of a document :- According to
Section 49(c) of the Act, if a document, of which registration
is compulsory under Section 17 of Registration Act, has not been
registered, it cannot be produced as evidence in a court of law.
• Time :- Time permitted
for registration of a document Under Section 23 of the Act, subject
to certain exceptions, any document other than a will has to be
presented for registration within four months from the date of
its execution.
• Expiry of the prescribed
time :- If a document is not presented for registration within
the prescribed time period of four months, and if in such a case
the delay in presentation of the document does not exceed a subsequent
period of four months, then the parties to the agreement can apply
to the Registrar, who may direct that on payment of a fine not
exceeding ten times the proper registration fees, such a document
should be admitted for registration. Delay in Registration - provision
for additional four months The practice followed in such an event
is that the parties to the document execute a Deed of Confirmation
confirming that the main deed is valid and binding upon them.
By way of such a deed the transferor/s also confirm/s that he/they
hold/s no right, title and interest in the property and the same
is being transferred to the transferee/s. A copy of the main deed
is annexed to this Deed of Confirmation. This is the only manner
in which the lapse in registration can be rectified.
Deed of Cancellation
Deed of Cancellation, of a duly executed and registered document
by mutual consent may arise in some circumstances. In that event,
the Deed of Cancellation will also have to be registered. At the
same time no document can be canceled unless all the parties to
it have mutually agreed to the cancellation.
Deed of
Rectification
Deed of Rectification, if the main document/agreement is registered,
then in that event it is always necessary to register the Deed
of Rectification too. Blanks, erasures or alterations in a document.
They are permissible as per Section 20(1) of the Act, but the
persons executing the document should attest with their signatures
or initials such blanks, erasures or alterations. As per Section
20(2), while registering such a document, it is the duty of the
Registering Officer to make a note of any such blank, erasure
or alteration in the register.
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