I have a plot in my name in Guwahati. In 2005 I gave this plot to a builder to construct an apartment and in due time builder gave me my proportionate flats accordingly. and builder did a TRANSFER DEED with me for my flats. But my main problem is whenever I go to bank to get a MORTGAGE LOAN from my flats, bank always refuse, because i dont have any Title Deed, I have only TRANSFER DEED in my name. Now please let me know what is the procedure to change this TRANSFER DEED to TITLE DEED. THANKS HRISHIKESH PATHAK.
1. Well from the word ; transfer deed' it is not clear whther any sale was executed and registered in your favour or not through this deed.
if yes then the nomenclature of the deed does not alter the nature and character of the deed and the same will be considered as deed of conveyance of sale in all respect.
So in other wrids without going through your deed it is not easy to comment n on validity of your title on the flat.
1. The Bank is mistaken relating to "Title Deed", OR you may not be having all related documents.
2. You are the Land-Lord, hence you "MUST" have the following for all futuristic legal purposes.
a) Land Title document in your name, issued by local Tahsildar /Collector /Municipal office.
b) Registered Development Agreement between yourself and the Builder, wherein proper clauses must have been recorded of the share of Flats that is to be given to you in lieu of the plot of land.
c) The Transfer Deed must be duly stamp duty paid and registered.
d) Approved building plans issued by Collector /Municipal office.
3. The above documents are legally sufficient to confer your Title-Ownership over your share of the Flats.
You must have entered into development agreement with builder for development of your land
Supplementary sharing agreement between builder and you for flats falling in your share should be stamped and registered
1. Who executed the transfer deed in your favour? The bank is right in demanding the title deed as it cannot sanction loan unless it has the all the documents in the chain of title before it. You have to produce the original title deed to satisfy the bank that title in your hands is free and marketable.
2. Have you searched the office of sub-registrar? The certified copy of the title deed can be obtained from his office.
Dear Sir,
The following information may kindly be read:
Real Estate Property is one of the most sort-after investment options in India. ... The most widely used means of transferring or acquiring a property is through the execution of SALE DEED, which is also known as TRANSFER DEED. But, sale deed may not always be a tax-efficient (or) cost-effective mode.
What Is Title Deed
Those entering the world of property purchase have to enrich their vocabulary before they approach this uncharted territory in order to keep the process commotion-free. While you are at it, it is important to understand the difference between sale deed and title deed, the things that prove your ownership over a property. While you may have assumed the two things to be one and the same, that is not the case. Let us understand what the two terms are and they differ from each other.
Sale deed is a document but title deed is a concept
After a buyer and a seller reach an agreement to carry out a property transaction based on certain terms and conditions, they have to formalise the process in order to prove that the said property has seen change of ownership. They then have to prepare a document, known as sale deed, where every single detail related to the transaction is mentioned. According to the Registration Act, 1908, this document must be registered to become legally valid. As soon as a sale deed is registered, it becomes a legal proof that the title of the property has been transferred in the name of the buyer. It is in this capacity that sale deed becomes a title deed. That way, a sale deed is also a title deed.
Sale deed is an agreement but title deed is statement
Sale deed is an agreement. And, two parties must be involved to make an agreement. This is precisely why all details related to the buyer/ buyers and the seller/sellers are mentioned in a sale deed even though the ultimate purpose of this document is to state that so and so property has been transferred in the name of such and such person. Because this document proves the ownership of the buyer it by default becomes a statement about the title of the property, hence the name title deed. Also, at the time of property registration, the transacting parties have to establish past ownership and title transfer of the asset. A sale deed is a documentary proof of that too.
You should have some document through visit you can show the title of the present flat like permanent alternate accommodation agreement. If the said transfer deed has stamp duty and registration done it should be valid for the title
I don`t think when land is in your name, all the flats constructed on it, you have valid title. Neither builder has any authority to trasfer flats to you.
But MOU must have executed whether it must be decided that how many flats will retain by you. And you have given POA to builder to sell flats received by builder.
Only Copy of MOU needed , not title deed. As builder has no authority to transfer title of flat constructed on your land.
The original title document and the transfer deed in your name are the title documents.
Is the transfer deed executed by the builder is a registered document?
The builder is required to execute a transfer or conveyance deed in favor of the land owner after which he becomes the owner of the flats allotted to him under the joint development agreement.
Dear
You must have the sale deed of land when you purchase the plot back in 2005 that deed will be title deed of your land.
And tranfer deed is just related to flats which as transfered to you by builder. The transfer deed duly stamped and registered can be considered as title deed of flats.
To get a title deed you will have to get the share that belong to you partitioned and get the mutation done on your name.
regards
