Registration of Old Agreement in Mumbai: Guidelines and Process
In Mumbai, registration of an old agreement is a crucial process that property owners must adhere to. The registration of old agreements applies to properties that were not registered during the initial purchase or transfer of ownership. The registration of an old agreement is necessary to ensure that the agreement`s terms and conditions are legally binding. In this article, we will discuss the guidelines and the process of registering old agreements in Mumbai.
Guidelines for Old Agreement Registration
Before you register an old agreement, you must consider the following guidelines:
1. Documents Required: To register an old agreement, you need to have the following documents:
a. Original agreement
b. Stamp duty paid receipt
c. Power of Attorney (if applicable)
d. Property card or latest tax receipt
e. NOC from the society (if the property is cooperative)
f. ID proof of both parties
g. PAN card of both parties
h. Two passport size photographs of both parties
2. Stamp Duty and Registration Fees: You need to pay stamp duty and registration fees to complete the registration process. The stamp duty amount varies based on the property value, while the registration fee is fixed at 1% of the property value.
3. Time Duration: The registration process takes around 2-3 weeks to complete. Also, the entire process should be done within 4 months from the date of the agreement.
4. Validity: The validity of a registered agreement is 30 years from the date of registration.
Process for Old Agreement Registration
The registration process comprises the following steps:
1. Verification of Documents: The first step is to verify all the documents required for the registration process.
2. Payment of Stamp Duty and Registration Fees: You need to pay stamp duty and registration fees to complete the registration process.
3. Submission of Documents: Next, you need to submit all the required documents to the Sub-Registrar`s office.
4. Document Review and Registration: The Sub-Registrar reviews the documents and registers the agreement. After registration, you will receive a copy of the registered agreement.
5. Collection of Original Documents: You can collect the original documents after 2-3 weeks of the registration process.
Conclusion
Registering an old agreement is crucial to ensure that the agreement`s terms and conditions are legally binding. It protects the property owner’s interests and helps avoid future legal issues. Following the guidelines and adhering to the registration process can help make the registration process smooth and hassle-free. We hope this article has provided you with useful information on the guidelines and process of registering old agreements in Mumbai.
