Property Related
Ensuring Regulatory Adherence for Your Business
Secretarial compliance is crucial for businesses to operate smoothly and in adherence to regulatory norms. Proper compliance not only avoids penalties but also enhances the company’s credibility and trustworthiness. Here’s an overview of various secretarial
compliances, along with checklists, benefits, and required documents.
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Sale Deed
Overview
A Sale Deed is a legal document that facilitates the transfer of property ownership from the seller to the buyer. It serves as the final agreement between both parties.
Registration Procedure
1. Drafting: Create the Sale Deed, including details like property description, sale price, and terms of sale.
2. Stamp Duty: Calculate and pay the required stamp duty based on the property’s value.
3. Execution: Execute the Sale Deed on non-judicial stamp paper.
4. Presentation: Present the Sale Deed for registration at the Sub-Registrar's office within four months of execution.
5. Verification: The Sub-Registrar verifies the document and the identities of the parties involved.
6. Registration Fee: Pay the registration fee, which is typically a percentage of the property's value.
7. Completion: The deed is registered, and the buyer receives the registered document as proof of ownership.
Gift Deed
Overview
A Gift Deed is a legal document that records the voluntary transfer of property from one person (donor) to another (donee) without any exchange of money.
Registration Procedure
1. Drafting: Prepare the Gift Deed, specifying the details of the donor, donee, and the gifted property.
2. Stamp Duty: Pay the appropriate stamp duty, which may vary depending on the state and the relationship between the donor and donee.
3. Execution: The Gift Deed should be signed by both parties and witnesses on non-judicial stamp paper.
4. Presentation: Present the Gift Deed at the Sub-Registrar's office for registration.
5. Verification: The Sub-Registrar verifies the identities and consent of the parties involved.
6. Registration Fee: Pay the registration fee.
7. Completion: The deed is registered, and the donee receives the registered Gift Deed.
Residential Rental Agreement
Overview
A Residential Rental Agreement is a contract between a landlord and tenant outlining the terms and conditions of renting a residential property.
Registration Procedure
1. Drafting: Draft the agreement with essential details like rent amount, security deposit, rental duration, and responsibilities of both parties.
2. Stamp Duty: Calculate and pay the applicable stamp duty, often a percentage of the total rent over the lease period.
3. Execution: The agreement should be signed by both parties and two witnesses on stamp paper.
4. Presentation: Present the agreement at the Sub-Registrar's office for registration.
5. Verification: The Sub-Registrar verifies the identities and consent of the parties involved.
6. Registration Fee: Pay the registration fee.
7. Completion: The agreement is registered, and both parties receive a copy of the registered document.
Commercial Rental Agreement
Overview
A Commercial Rental Agreement is a lease agreement between a landlord and a tenant for renting commercial property, such as office space or retail outlets.
Registration Procedure
1. Drafting: Draft the agreement with details like rent, security deposit, rental duration, and the purpose of use.
2. Stamp Duty: Pay the applicable stamp duty based on the state’s regulations.
3. Execution: Both parties should sign the agreement on stamp paper in the presence of witnesses.
4. Presentation: Present the agreement at the Sub-Registrar's office.
5. Verification: The Sub-Registrar verifies the document and parties' identities.
6. Registration Fee: Pay the required registration fee.
7. Completion: The deed is registered, and both parties receive a copy of the registered document.
Relinquishment Deed
Overview
A Relinquishment Deed is used when a co-owner of a property wishes to transfer their share to another co-owner, usually without any monetary exchange.
Registration Procedure
1. Drafting: Draft the Relinquishment Deed with the necessary details.
2. Stamp Duty: Pay the stamp duty, which may vary based on the state and the
relationship between parties.
3. Execution: Sign the deed on stamp paper in the presence of witnesses.
4. Presentation: Submit the deed for registration at the Sub-Registrar's office.
5. Verification: The Sub-Registrar verifies the deed and the identities of the involved parties.
6. Registration Fee: Pay the applicable registration fee.
7. Completion: The deed is registered, and the relinquished share is legally transferred.
Probate of Will
Overview
A Probate is a legal process through which a Will is validated and the executor is granted the authority to administer the deceased’s estate.
Registration Procedure
1. Application: The executor or beneficiary files an application for Probate in the relevant court.
2. Notice: The court issues a public notice, allowing anyone to contest the Will.
3. Hearing: The court examines the Will and hears any objections.
4. Grant of Probate: If satisfied, the court grants Probate, confirming the Will's validity.
5. Registration: The granted Probate is then registered at the Sub-Registrar's office.
6. Execution: The executor can now legally manage and distribute the estate as per the Will.