We have family property ( plots), in the name of my father "Ajit" and uncle "Rajendra". We developed it with help of builder with registered development agreement. As per development agreement, we got 6 flats from builder on which both (Ajit and Rajendra) had names. Then we made notrised partition deed between Ajit and Rajendra on Rs.1000 bond and in same deed we also mention names of their wife's and sons for transfer the flat ownership to their wife and their sons. Now out of 6 flats, 1 is in name of Ajit (my father), 1 in Ajit's wife (my mother) and 1 is in name of Ajit's son (me). Same for Rajendra also. We have shown this deed to local munciple authority and changed flats owners records their. Now I am going to sale my flat to one party, who is borrowing loan from bank for this flat purchase. But now bank has objection and bank is not ready to accept me as flat owner, though the local munciple record of flat is in my name. Now we have question, that how can we make this deal and whom should be considered as owner (me or Ajit or Rajendra or both Ajit, Rajendra) to complete this sale deal?
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Deed of partition has to be duly stamped and registered ti be admissible in evidence
2) mere notarised deed of partition does not confer clear and marketable title to property
3) registration has to be done within maximum period of 8 months from date of execution of partition deed
The Bank is right.
Partition deed without registration on payment of proper stamp duty is not valid.
So either register the partition deed or include all the parties in your your sale deed as confirming party.
There is no other option.
1. Local Municipal Corporation do not decide the ownership of a property but registered title deed does.
2. Your father and uncle should have made the development agreement in such a way that the said distribution of the flats would have pre-decided and since the development agreement was registered, you could have claimed title of the flats though it is not a legally correct method.
3. in the instant case, the flats belong to your father and uncle and they can register gift deeds in favour of the donees to enable them to be the title holders of the said flats legally.
4. After being the title holders of the respective flats, the said donees will be legally entitled to sell off their flats legally.
Sir, 1) so in our case, right now whom should we consider as flat owner? 2) what will be percentage of stamp duty and registration charges, as this deed is between two brothers and their sons and wife (in blood relation). We heard that stamp duty and registration charges for transaction in blood relation is waved off by maharashtra gov. from 2015. 3) This deed is combination of partition deed (between Ajit n Rajendra) and gift deed (between father and sons), so can it be registred in ragistar office.?
1. The joint landowner will be considered as joint owners of the constructed flats.
2. For stamp duty contact registration office.
3. Yes it will have to mandatory registered in local registration office.
Since the property has been developed and the owners have been given 6 flats, all the flats in the names of the original owners may be registered by executing a partition deed or a family arrangement deed.
Once the same is registered then it becomes the title deed in favor of the individual owner.
If you thus have a title deed in your name then the buyer can get a sale deed executed in his favor by you
This would enable him to apply for home loans through bank or any financial organisations.
1) so in our case, right now whom should we consider as flat owner?
All the allot tees are owners of the individual flats, but you can register the same in your name vide a registered family arrangement or partition deed.
2) what will be percentage of stamp duty and registration charges, as this deed is between two brothers and their sons and wife (in blood relation). We heard that stamp duty and registration charges for transaction in blood relation is waved off by maharashtra gov. from 2015
In Maharashtra state the stamp duty on such transfers is exempted however you may have to pay Rs. 200/- towards registration charges.
3) This deed is combination of partition deed (between Ajit n Rajendra) and gift deed (between father and sons), so can it be registred in ragistar office.?
Yes it can be registered as proposed. It will be valid only if it is registered.
stamp duty would be 2%of market value as deed of partition has been executed between 2 brothers and their children
2) registration charges would be around Rs 30,000 or 1%of value which ever is less
3) it is deed of family settlment can be regsitered in sub regsitrar office
1. A deed of partition requires mandatory registration. Notarization is not registration. Ajit and Rajendra continue to be the owners of the property if they are alive.
2. You have not mentioned whether the original owners i.e Ajit and Rajendra are alive. If they are still alive then a fresh partition deed can now be executed between them and their heirs and registered in the office of sub-registrar.
1. The land owners who entered in to development agreement with the builder are he owners of their shares of the flats.
2. Stamp duty for registering gift deed favouring blood related persons are minimum in Maharashtra and it will finally depend on the value of the flats decided by the Registration office.
3. In place of gift deed and partition deed, both of them can execute and register a settlement deed detailing ach and every point of the partition and gift issues.