Registration of flat

Querist : Anonymous (Querist) 09 May 2023 This query is : Resolved
I want to sell my flat situated in Mumbai, which I have purchased in 2001. At the time of purchase the flat I have paid the stamp duty as per the ready reckoner, but the agreement was not registered. in 2001, said flat was transferred in my name and the society has also issued share certificate in my name and admit me as a member of the society. Now the new deemed purchaser wants to avail loan on the said flat, but the banker asked for registration of 2001 agreement, but the seller is expired.
One advocate told me that in 2001, the Registration was not compulsory and as I have paid the stamp duty at the time of purchase the flat, the bankers have to consider the agreement But the bankers are not ready for the same.
under the circumstances what should I do?
Please guide me.

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A Mumbai resident is struggling to sell their flat purchased in 2001 because the sale agreement was never registered, and the seller has since passed away. Banks are refusing a loan to the new buyer without the registered agreement. While one lawyer suggested registration wasn't compulsory then, others clarified it is mandatory. The advised solution was to approach the seller's legal heirs to execute a registered sale deed, or potentially file a suit for specific performance. Ultimately, the original owner successfully resolved the issue by getting the documents regularised through adjudication at the registrar's office, which satisfied the bank.

kavksatyanarayana (Expert) 09 May 2023
You should consult the legal heirs of the seller and request them to execute the deed. If they do not agree you have to file a case in court. A wonder thing is how was the society issue the share certificate and next to you also. I opine the society action in giving share certificate.

Sudhir Kumar, Advocate (Expert) 09 May 2023
No other way.

T. Kalaiselvan, Advocate (Expert) 10 May 2023
If the seller is dead then you may ahve to approach the legal heirs of the deceased seller to execute a registered sale deed in yor favor.
If they are reluctant or demanding huge money though the entire sale consideration amount had been paid or if they do not respond, then you cn file a sit for specific relie f by impleading them as defendant for a direction from court to direct them to execute the registered sale deed in your favor failing which the court to execute the registered sale deed in your favor.
This is mandatory, the lawyer who opined that at that time the registration was not compulsory is incorrect. The registration is mandatory as per section 17 of the Registration Act, 1908. The object of registration is conservation of evidence and title.
You may proceed as suggested.

Dr J C Vashista (Expert) 10 May 2023
Did you not get a "Sale Deed" executed by the vendor since 2001?
If so, you are not the lawful titleholder (owner) of the property, accordingly Bank is right to decline for advancement of loan on the strength of unregistered "Agreement to Sell"
Approach legal heirs of vendor for execution of Sale Deed, if they agree.

P. Venu (Expert) 12 May 2023
What is the reason for not executing the sale deed? Who was the seller? Was he the promoter?

Querist : Anonymous (Querist) 27 May 2023
Sirs,
they were Neighbours and we have good relations with them. So, in good faith we have done the transaction. Sirs, thereafter, I have approached the registrar office and explained all the details. the registrar has sent my documents for adjudication, they charged Rs. 2500/- for regularized my documents for which they issued the receipts. Yesterday I have received and on the basis of the same the bankers are now agreed for sanction the loan.
I am very much thankful to all of you for helping me and providing valuable suggestions.

kavksatyanarayana (Expert) 27 May 2023
Welcome sir...........

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