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Mom Who Lifts   28 November 2021

Tittle deed incase of divided property from big plot

Hi
I'm buying a property and it's 100sq yard out of 217 sq yard. The seller is 3 people who are composite owners. I wanted to ask what all things I should keep in mind while registering or property or should add extra in the sale deed so that I should not have issues in future as it's part of the plot.


 1 Replies

Megha   10 January 2022

Hi,

While purchasing a property with joint/ composite ownership following points must be kept in mind:

  1. If you are purchasing the property from only one of the joint owners, please ensure that the property deed is registered with the sub-registrar and clearly demarcates each joint owner's share in respect of the area of land owned by them.
  2. It is desirable to have a consent agreement for slae signed by the remaining joint owners in case the property is being sold by only of the joint owners
  3. If the property is being sold by one of the co-owners on behalf of the others, make sure a valid No Objection Certificate (NoC) and a notarised Power Of Attorney (PoA) to this effect is given by such co-owners
  4. Make sure the property is free from encumbrances from any of the joint owners ie not pledges as a collateral to any loan or not declared as an NPA by a bank

Best regards,
Megha


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