PROJECT:
Project name: Brigade Omega
Type of apartments: Apartment
Area range built up:1270-1720 Sq Ft
Price starting from: 61 Lachs Onwards
City: Bangalore
Location: Kanakpura Road
Bed room: 2BHK,3BHK
Description:
Article
Regarding "A GUIDE TO REGISTRATION NORMS"
Property
buyers need to be careful before and after registration of property to avoid
unnecessary hassles in the future.
Purchase
of immovable property comprises various steps, broadly categorized as
pre-registration and post-registration activities. Post
registration activities are subsequent to the registration of Sale Deed.
1. Obtain original documents of title from the
seller and compare them with the copies, which the purchaser’s advocate should have scrutinized.
If the advocate calls for other original documents or certified copies, ensure
he gets such documents. It is always advisable to apply for additional copies
of the Sale Deed.
2. Register the application for updated encumbrance
certificate with the sub-registrar office on the day of registration
itself. Such Encumbrance Certificate should contain the
registration details of purchaser’s Sale Deed.
3. The possession of the property is of
vital importance. Inspect the property a day before registration.
Make sure that the property is as
per the agreement to sell. As per the terms of the agreement,
the seller should hand over the vacant possession and the purchaser should
receive all the keys of the property at the time of registration.
In
case of vacant sites, please put up a display board with the wordings. “This
property is owned by Trespassers will be prosecuted”. Fencing of such sites,
though expensive, is preferable. Periodical visits to the site are a must
to detect encroachment. The purchaser should verify that all the taxes,
statutory payments in respect of the property including power and water charges
are paid up-to-date.
He
must collect all the paid receipts and also verify at the concerned offices.
Power and water supply agencies collect deposits from
the consumers. Purchaser should collect such deposit receipts from the
seller. After registration of the sale deed, the purchaser must ensure
that the Khata in the records of the local bodies, Gram
Panchayats or the City Corporation is transferred to his name.
Both
the seller and purchaser have to sign the application for transfer of Khata,
which should be done simultaneously
while signing the sale deed. This is necessary to avoid
any disputes and complications at a later date. Duly filled in Transfer of
Khata application with a copy of the sale deed is to be filed with the Gram
Panchayat / City Municipal Office against acknowledgement.
Local
bodies transfer the Khata in the name of the purchaser on collecting a transfer
fee, generally 2 percent, on the stamp duty paid on Sale Deed and issue written
confirmation of transfer in the name of the purchaser. While transferring the
Khata. Local bodies, usually reassess the property and
issue assessment notice in the name of the purchaser. The tax paid receipt
should be in the name of the owner. After
the Municipal authorities transfer the Khata to the purchaser, the water meter
and the power meter installed are required to be transferred. Verify the
deposit and charges paid receipts carefully, which should be in the name of the
seller. Obtain a letter from the seller addressed to the respective authorities
to transfer the meters, including the deposits paid in the name of the
purchaser.
The
purchaser should, without delay, apply too the power/water supply authorities
to transfer the meters and the deposits in his name. The original authorization
letter of the seller and a copy of the new Khata (in the name of the purchaser)
are to be enclosed with the application of transfer. The authorities will issue
written confirmation of transfer and raise bills in the name of the
purchaser. Obtain periodical Encumbrance Certificates at least once a
year, which should be a routine exercise.
Power
of Attorney means the power or authority given to a person (agent) by an
individual (principal) to act on his behalf or on behalf of a group of
individuals in business matters or any other matter. It
plays a vital role in transferring the lawful ownership of immovable property
like land, building, and water source,
from one person to another. The person who holds the power is called the Power
of Attorney Holder. He is employed by
the principal to take care of his dealings with third persons.
A
person competent to contract can execute a Power of Attorney. He can
appoint one person or several persons to act on his behalf. Where several
persons are appointed as attorneys, it is advisable to mention as to how they
will act – jointly or independently. If this is not mentioned, then they are at
liberty to act jointly. Power
of Attorney, generally speaking, is of two types. Power of Attorney for a
single specific purpose is known as “Special Power of
Attorney” and the one involving more than one work or transaction is
called “General Power of Attorney”. The
duration of special power of attorney may be for a particular period or for an
indefinite period until the task is completed. A General Power of Attorney may
continue to be in force until it is revoked or by death of either party. A
registered Power of Attorney can be revoked by a Cancellation Deed.
Though,
in general, a Power of Attorney is revocable, it cannot be done so in matters
pertaining to debt security till the debt is cleared even though the debtor is
not alive. It can be revoked if the principal becomes of unsound mind or he is
declared insolvent. It cannot be revoked if it is made irrevocable. However it
should be registered by paying applicable stamp duty. Power of Attorney attracts various
provisions of The India Stamp Act, Powers of Attorney Act, Registration Act,
The Indian Contract Act, and Indian partnership Act, and the Indian Evidence
Act.
A
Power of Attorney is divided into ten categories according to the stamp duty
payable. A Special Power of Attorney is given for a court case, for appointing
one attorney in place of another, for collection of debts and for admitting
execution and a General Power of Attorney is given for selling shares, to
execute a Sale Deed, to prepare a layout and sell plots, to raise money through mortgage of
property, to recover rents and many other acts.
A
Power of Attorney need not be registered except in the case of an immovable
property is involved. According to the Registration Act, if a Power of Attorney
gives power to present documents
for registration, then it must be executed before and authenticated
by the Registrar or the Sub-Registrar.
If
the Registration Act is not in force at a place where the Executants lives,
then a Magistrate’s authentication is necessary. If the Power of Attorney
is registered outside India a Notary Public and Court Judge, Magistrate of that
country, or Indian Consul or Vice-Consul or a representative of Central
Government must authenticate it.
A
Power of Attorney is executed in the form of a legal document generally in the
first person and begins either as “Know all men by these presents that I …….”
or “By the power of attorney I ………..or “This Power of Attorney made and
executed o this……………….” After a brief introduction, the operative
part is brought in. Thereafter, the specific powers given to the person are
mentioned in separate paragraphs. After these a general clause is added
empowering the attorney to do such lawful acts and deeds, as he deems fit and
proper in the performance of his duties.
It is
the duty of the agent, the Power of Attorney holder, to act honestly and
faithfully on behalf of his principal, the giver. He is legally bound to
perform the tasks according to the wishes of the principal. If the agent acts otherwise and the principal suffers
any loss, he must compensate the principal. He is bound to keep all accounts in
a proper manner and produce it to the principal and demand. An agent possessing
authority to carry on business has authority to do every lawful thing necessary
for the purpose. Being a legal document, a Power of Attorney must be strictly
interpreted and understood. Therefore special care must be taken while drafting
General Power of Attorney.
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