I wish to present a business property in a co-operative housing society to my daughter. Nevertheless, my sale deed is just not registered. Is it doable to present the flat to my daughter? What’s the process and what are the paperwork required?
Whereas answering this question we’re assuming that you just bought the stated business property over 30 years in the past. We’re additional assuming that full stamp obligation has been paid on the stated sale deed in accordance with the provisions of the Stamp Act relevant to the state the place the stated business property is situated.
Part 54 of the Switch of Property Act, 1882 defines sale as a switch of possession in trade for a value paid or promised or partly paid and partly promised. This part additionally states that the switch of tangible immovable property of the worth of 100 or extra should be by the use of registered instrument.
Part 17 of the Registration Act, 1908 lays down the paperwork, of which, registration is obligatory.
Part 17(1)(b) of the Registration Act inter alia offers that any non-testamentary instrument which creates, or declares whether or not in current or in future, any proper, title or curiosity, of the worth of 100 or extra to or in immovable property is a compulsorily registerable doc. The sale deed by advantage of which you’re entitled to the stated business property is thus a compulsorily registerable doc.
Part 49 of the Registration Act inter alia states that no doc which requires obligatory registration both below part 17 of the Registration Act or below any provision of the Switch of Property Act, shall have an effect on any immovable property comprised therein, or confer any energy to undertake, or be obtained as proof of any transaction affecting such property or conferring such energy, until it has been registered. Which signifies that the transaction desired to be effected by the doc will likely be inoperative as far as the immovable property is worried.
Thus, because the sale deed in query has not been registered, it doesn’t have an effect on any immovable property comprised therein, i.e. the stated business property. Nevertheless, it’s possible you’ll execute a present deed in favour of your daughter, if a interval of 30 years have elapsed since you could have been in possession of the stated business property and no declare will be raised towards you, as the utmost time period inside which an individual can file a go well with in a reliable court docket with respect to an immovable property, as per the provisions of the Limitation Act, 1963, is a interval of 30 years. Thus, since we’re assuming that you’ve got been in possession of the stated business property for greater than a interval of 30 years, no declare will be raised towards you.
For the present to be legitimate it should be made by you voluntarily, with none trade of cash and it must be accepted by your daughter. It’s to be famous that the stated present deed is to be executed by you and your daughter and attested by two testifying witnesses.
Additional within the occasion the unique vendor (i.e. the one who offered you the stated business property) is alive it could be advisable, to execute an settlement with him stating that neither he nor anybody claiming by way of him has any proper, title and curiosity within the stated business property and that you’re the only real proprietor of the identical. It’s possible you’ll annex the stated settlement to the present deed. It’s also to be famous that stamp obligation is payable on a present deed in accordance with the provisions of the Stamp Act relevant to the state inside which the stated business property is located. A present deed is a compulsorily registerable doc in accordance as per part 17 of the Registration Act.
Lastly, it’s to be famous that the title of your daughter will all the time be topic to the aforementioned lacuna (i.e. the defect in your title on account of non-registration of the sale deed).
Queries and views at firstname.lastname@example.org
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