Advocate S Selvakumar|Property advocates in Bangalore|Property lawyers in Bangalore
The transfer
of immovable property by manner of sales, gift, will, releases etc. presupposes
that documents to the title of transferred immoveable property square measure
delivered to the transferee on completion of method. This is statutory obligation.Section No.55(3) of Transfer of Property Act,casts this
responsibility on the vendor.However the section encompasses a precondition
that just in case wherever solely a region of the property is sold and also the
marketer retains a region of the property the vendor is entitled to retain the
first documents, and copies of such documents square measure delivered to the
customer.
In case,
wherever the property is transferred to completely different persons, in
several heaps, the transferee of greatest portion is entitled to carry the
documents of title square measure supplied with copies of such documents.In the
circumstances dealt on top of, the persons holding the documents either the
vendor or one who hold the best portion has some responsibilities. He must keep
the documents in safe custody and in physical fitness. He must create
accessible the documents for scrutiny to alternative consumers, and conjointly
furnish actuality copies of such documents; extract from such documents,
whenever needed. But the price must be met by the client who desires such
scrutiny or copies, extracts. Those responsibilities are needed to be recorded
properly.
The
document, that records such obligations of safe keeping the documents;
manufacturing them for scrutiny, providing copies, extracts is named "Deed of convenant for production of documents." The deed of transfer like sale,
gift, will, and unharness could contain such a convenant by the seller in favor
of customer or a separate deed can also be dead by the seller in favor of
customer.
In case of
the person holding greatest portion, a separate convenant deed concerning his
obligations becomes necessary.A separate deed in favor of every of alternative
transferee of alternative parts or a standard deed in favor of all alternative
transferees together is also executed. Within the deed of transfer of the best
portion or of highest worth a precise convenant, that, the transferee shall
safe keep the documents in physical fitness, manufacture for scrutiny of
alternative transferee and furnish true copies or extract ought to be enclosed.
Similar relevant convenant ought to even be incorporated in deed of transfer of
alternative transferees.
Generally
all the parts of the property aren't transferred at a similar time, and also
the on top of instructed procedure might not be potential. In such cases, the
transferer ought to provides a convenant of production of documents in every of
the deeds of transfer and it ought to additional give that if and once the
transferer hands over the documents to the other transferee at a later date he
would procure an analogous condition from the such transferee.
Under a
convenant of production of document, the first convenantor remains liable
indefinitely unless a condition provides that he's no more established once he
elements with the remaining portion of the property.
Flats are
made ashore and are sold to completely different purchasers. However the first
title deeds for the complete land are going to be only 1 and can't be to every
and each customer.Every customer can get original sale deed that is executed
in his name and registered.He can get copies of alternative original documents
and not originals.The first title deeds of the land are going to be within the
custody of the
Flat house owners Association:The association has the
responsibility of maintaining them safely and makes accessible the documents for scrutiny by the house owners and to produce copies, extracts the promoters
or builder shall incorporate such clause in individual sale deeds. The articles
of the flat house owners association shall contain the clauses about safe
custody, inspection.
Stamp duty: In case the condition is enclosed
within the deed transfer itself, no separate taxation is due.If a separate
deed is executed, it attracts the taxation as that of an agreement relying upon the taxation prescribed by the state.
Registration: This deed of convenant doesn't need
the registration, however it's well to induce it registered.
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