Mutual exchange of registered property
Sarv Krishan Punj
(Querist) 12 April 2014
This query is : Resolved
Procedure for mutual exchange of already registered properties in Delhi
Devajyoti Barman
(Expert) 12 April 2014
Exchange deed is compulsorily registrable document. Engage an advocate who will do this for you.
We no not give lectures here on procedural matters.
Sarv Krishan Punj
(Querist) 12 April 2014
Mr.Burman, it's a very curt reply, perhaps you could be a little polite to this old man who only wanted to know if a registered property can be mutually exchanged or whether it has to be a normal sell and transfer procedure by both the parties.
Devajyoti Barman
(Expert) 12 April 2014
Then you should have mentioned your age and be specific on your query.
From my earlier reply you can understand that it is very much possible.
This is called Deed of Exchange which needs to be registered on payment on stamp duty.
For stamp duty contact a local lawyer or visit the registration office.
Sarv Krishan Punj
(Querist) 12 April 2014
Thanks Mr.Burman. Yes perhaps I may not have made myself clear in myprevios query, all the same, Courtesy is not age specific. We should be courteous to everybody, irrespective of age. All the same, thanks again.
ajay sethi
(Expert) 12 April 2014
Deed of Exchange has to be prepared . it should be duly stamped and registered . stamp duty would depend upon stamp Act prevalent in Delhi .
Anirudh
(Expert) 12 April 2014
Dear Mr. Punj,
As both the properties are registered, and needs to be exchanged it has to be done through a Deed of Exchange. However, the stamp duty payable will be on the value of either of the property whose value is higher.
Rajendra K Goyal
(Expert) 12 April 2014
Well advised by the experts, agree to it.
Sarv Krishan Punj
(Querist) 12 April 2014
I am grateful for all the clarification by experts. In continuation of this, may I seek your advice on another point, viz if one of the properties is not yet registered, what happens in that case?
Sri Vijayan.A
(Expert) 13 April 2014
Still Exchange deed is the only right choice.
Anirudh
(Expert) 13 April 2014
What is the exact fact situation in which one of the property is not registered? Please clarify before any answer could be given.
Sarv Krishan Punj
(Querist) 13 April 2014
Actually the owner of one of the properties has yet to take possession and wants to exchange before registration.
Anirudh
(Expert) 13 April 2014
That cannot be done. Till such time the property is registered in his name, he is not even the legal owner. When one is not a legal owner, he cannot exchange the same. He has to first get it registered in his name by paying the applicable stamp duty. Thereafter when he exchanges the property with the other property, by means of a Registered Exchange Deed, in which case it is enough only one stamp duty is paid on the value of the property whose value is higher.
Sarv Krishan Punj
(Querist) 13 April 2014
Thanks for the clarification Mr . Anirudh. I
ajay sethi
(Expert) 13 April 2014
agree with MR anirudh
T. Kalaiselvan, Advocate
(Expert) 14 April 2014
I agree with the opinion of Mr. Anirudh, which is very clear and hope solves the author's query.
