kaushal arora (proprietor) 24 November 2011

Regarding property registration purchased under sarfesi act

Dear All Experts

Sirs!

I purchased a property under SARFAESI act from a bank @ 41 lacs & later on sale certificate was awarded by bank.

Now confusion begins when we( my self & AUth.Bank officer) visited registrar office & as advised we purchased stamps worth Rs.3.18 lacs( As he said that as per CG govt area wise value stamp duty is applicable on Rs 1 crore but as it is sold by bank so stamp duty shall be applicable on actual value) after submitting alongwith all other documents with typed sale certificate on stamp papers were submitted to registrar 1 in original & 3 copies in photocopy.

Confusion starts!!!!!!!!! when we submitted all documents to registrar & he just acknowledged recieve on 1 photocopy & O.K. Finished. When we asked to write something on our original stamps ae: name of seller-Buyer etc. then he said that as per rule he can`t & shown their law book of registration also,where it was written that in this kind of cases registrar shall just recieve sale certificate with requisite stamp duty & keep in his file.

We asked to our laywer & he was also confused & convinced after varifyieng rules. As we are in small town & such type of registrations are very rare so nobody knows much about this ,Please help in this regard & advise the write procedure with specific rules & referances so that i could tell to registrar for the same.

Now my present status & point of worry is this that i paid 41 lacs to bank & 3.18 for stamps & having documents signed by me & auth.bank officer only & not a single word is written by registrar office? Is it the rule? shall i face any problems with this deal in future? what should i do now, as the matter is of 3 days back only.

Kaushal Arora

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6 Replies

ABHIJEET PARIKH (Bcom LLB MBA) 26 November 2011

Dear Kaushal Arora,

Not worry much about it bcoz banks these dayz also perform their due diligence on ur side u also have done proper paper work u got sale certificate u got documents ackonwledged

regards

Abhijeet

kvss.prabhakar rao (Advocate ) 27 November 2011

Mr Pariksh is correct

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE ) 27 November 2011

Is it registered , if not it has not legal value.

kaushal arora (proprietor) 27 November 2011

Dear sir

It is registered as per procedure as mentioned in my Querry & that i want to confirm that procedure of registration taken by registrar is correct or not ?

As he has nothing...neither a single word....written on our original stamps of Rs-318780.00,nor any stamped on it .The only thing he did that he diagnolly lined by pen on blank pages of stamps.He also not asked for registration fee which is generally issued by taking 1% & issued a reciept also.In our case we have no reciept also.

Afterwards next day of registration we asked for copy (NAKAL)of registration with appropriate procedure which he provided duly signed & stamped on it.

please confirm that procedure taken by registrar is correct or not ?

S.Khan (Advocate) 19 December 2011

Your matter is not covered under section 89 of the Indian Registration Act. A sale certificate issued by the bank under sarfaesi act can be registered accordingly. The stamp duty shall be calculated not according to the circle rate but on the consideration (auction price). The sub Registrar will charge the registration fees and follow the procedure u/s 52 and 60 of the act. The sub Registrar shall make an endoresment on the original sale sertificate and the same shall be returned to the purchaser after making the certificate of section 60 of the Act.

I also have drafted the sale cerfificate under sarfaesi act issued by the Jammu & Kashmir Bank and i have got registered the same in the office of sub Registrar.

ravi kiran (incharge projects) 18 June 2014

I participate in auction and I got sale certification for the plot by the bank, I would like to know the process of registration and what all original document I need to collect from the bank and also advise what all safety measure I need to take care

Regards

Ravi Kiran

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