Property law
Ritika singh
(Querist) 06 March 2014
This query is : Resolved
is agreement of sale compulsorily registered in madhya pradesh?
R.V.RAO
(Expert) 07 March 2014
Requirements of registration and features in M.P takes its oigin and follows the Indian Registration Act, 1908,whose main regn.requirements are as under:
compulsory/optional/exempted
The Objects of registering document is , to prevent deception and forgery and to secure a reliable and complete account of all transactions effecting the title to the property.
Registration Compulsory
1. Gift involving immovable property
2. Non - testamentary instruments which purports or operates to create, declare, assign, limit or extinguish in present or in future any right, title or interest, vested or contingent, in immovable property or which acknowledges receipt or payment of any consideration in relation thereto.
3. Leases of immovable property from year to year or for any term exceeding one year or for receiving yearly rent.
4. A Compromise decree which compromises immovable property which is not the subject-matter of the suit or proceeding.
Registration Exempted
1. Agreement of sale, lease or transfer.
2. Any decree or order of a court even though relates to immovable property.
3. An endorsement on a mortgage deed acknowledging payment of the whole or any part of the mortgage money.
4. Any other receipt for payment of money due under a mortgage when such receipt does not purport to extinguish the mortgage.
5. A certificate of sale granted to the purchaser of any property sold by public auction or by a Civil Court or Revenue officer.
Registration Optional
1. Acknowledgement of receipt, payment of any consideration on account of creation, declaration, assignment, limitation or extinction of any right, title or interest in immovable property for a term not exceeding one year.
2. Instruments which purport or operate to create, declare, assign, limit or extinguish any right, title or interest to or in a movable property.
3. Will, which covers movable, immovable properties and both movable and immovable properties.
4. All documents where registration is not compulsory u/s. 17 of the Indian Registration Act 1908.
power of attorney does not require registration whether it is a special power of attorney or a general power of attorney, but if the agent is authorized therein to present a document for registration, it must be executed before and authenticated by registering authority. If it creates any interest to the agent, then the power of attorney is registerable.....
source:http://www.snrconstructions.com/legal-tips.htm
it is however interesting to note that "an agreement of sale by paying stamp duty and penalty can be received as a documentary evidence in suit for specific performance under the proviso of sec.49 and sec.35 of stampact..."
