He urged all such allotees to get the conveyance deed of their properties registered. If not done within a stipulated time then he will made liable. Both Omonile Lawyer and the man that gave me the information are experienced in property matters. This could mean the Registered Conveyance is not equivalent to todays C/O since Deed of Assignment is not. Thirdly, there are certain documents that are required to be given by the promoter within a period of 30 days and these include registered conveyance deed, plans etc. It got more confusing when Omonile Lawyer used 'Deed of Assignment or Conveyance' in one of his posts. He clarified that the concession has been extended for only two months between April 8 and June 7. 100 c) where a power of attorney authorizing the agent to sell immovable property is stamped with ad valorem duty required for a conveyance and a sale deed is. If the promoter fails to perform this duty then he must give compensation in regard to the same. He said the benefit was being extended at the time of execution of first conveyance deed of such property to all those allottees who have taken the possession of their properties after depositing their instalments. It is a written contract related to the sale and purchase of a property that requires the signature of both the parties. “Agreement to sell” With recent amendment even an “Agreement to sell” (popularly known as “Bana khat or Sata khat”) also needs to be registered.The Punjab government on Sunday announced an opportunity to all those allottees of immoveable properties (plots/houses) by the government or a public sector undertaking or local bodies to get their first conveyance deed registered at rates mentioned in their allotment letters.Įarlier the allottees were required to get conveyance deed executed on the collector rate that was linked to the present market rate of property.ĭisclosing this, Punjab revenue minister Bikram Singh Majithia said after considering the demand of allotees, the decision was taken by chief minister Parkash Sigh Badal and the notification in this regard has been issued by the department. Any transfer of immovable property has to be in writing and needs to be registered as per Transfer of Property Act Transfer without Registration would therefore be null and void and cannot be enforced in any court of law. The law does not consider unregistered owners and does not give them any rights over the property. Declaration in Form 1 under the Stamps Rules of the state.ĭoes the buyer get right for the property without registration of sale deed even if he has made full payment?.
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