when should should the owner's name appear on the E.C.
yeteendra naidu
(Querist) 09 October 2009
This query is : Resolved
in a transaction which we came across recently found the name of the buyer who entered into an agreement of sale with the seller and got the buyer's name recorded in the Encumbarance certificate. The transaction
bypassed the co-op society thru which the transfer should normally be processed. The sale deed is yet to be registered. under the circumstances can the EC prove one's ownership ? and is correct to issue an EC without registration of sale deed & non payment of required stamp duty.
adv. rajeev ( rajoo )
(Expert) 09 October 2009
It is wonder how come it is entered the name of the buyer in the EC without the regd., sale deed.
It is manipulated EC.
ONce sale deed is executed to get enter the name of the person in the R/R of the property or in the property extract it is 45 days process, after completing all the formalites name will entered in the EC.
Raj Kumar Makkad
(Expert) 09 October 2009
may not take 45 days in formality but it illegal to get issue EC in favour of a person who has yet to become owner of the property on the execution of the registered sale-deed and that only an agreement has been executed. EC has wrongly issued in favour of would be buyer and thus it creats no legal rights in favour of such person.
sanjeev murthy desai
(Expert) 09 October 2009
i differ opnion with above experts,
As per said fact reveals that the proposed purchaser has entered in to the sale agreement with the Vendor under registered Sale Agreement. The Registered Sale Agreement should be registered in the Book-I of the Register authority and it should reveals in the encumberance also. The Encumbrance certificate does not prove any ownership but its document reflects the encumbrances or transactions in respect of that property.
Agreement holder does not have any ownership of that property but he has absolute rights to purchase that property under registered Sale Deed.
sanjeev murthy desai
(Expert) 09 October 2009
These days all registration authorities are computerised and so you can get encumbrance certificate on the spot of registration date in respect of registered property for the present period.
