Dear Sir
We have sold some part of our property. and i am having the original document for the total extent. In order to go for loan, is it necessary to obtain a separate deed for the left over property and if so kindly guide us the procedure
regards
The partition deed is required to be registered at the office of the sub-registrar of the place where the property is situated as in case of any other registration.The stamp duty payable in such a case is Rs 1,000 for each share of the property. Further, the registration fee will be Rs 500. More than one person may jointly own a property. All such persons will have either equal or certain percentage of the rights to possess and use the property. One important ingredient of co-ownership is undivided share.
Though all the owners own equal or a part of the whole property, their respective shares are not physically ascertainable with definitive boundaries. The shares are undivided.The shares of co-owners of a property need not necessarily be equal. It depends on their investment in the property as detailed in the purchase document.
