Mr. Rahul and Mrs. Ragini Shah planning to buy a property from Mr. Kamal Nahta and lawyer ask for the original documents from owner. Mr.Nahta informed Mr. Shah that original documents are unable to trace and listening to this Mr. Shah requested Mr. Nahta to consult his lawyer and find the better solution and below is extract of their communication for our reference:
The sale deed is the biggest proof of your ownership over property, and that is why we are extremely careful about its safety. There is no reason to panic because you could get a duplicate copy of the document made, following certain simple steps.
As soon as we realize that the documents related to a certain property are lost or misplaced it’s necessary to remain calm and try to find where they would have gone. Sometimes things hide in plain sight, we just can’t see it despite it being right there. After attempting to find such documents, they still evade one. Then one must follow the further procedure.
|Sr.no||Mr. Kamal Nahta (Questions)||Lawyer (Answers)|
|1||As we discussed over the call, I have lose/misplace my original property documents, let me know what should I do?||Mr. Nahta, you should do the following :
1) You should visit the police station and file FIR (First information Report) stating that the property original documents have been lost, misplaced or stolen.
2) Even if the house is mortgaged and the bank has misplaced the documents, then the owner must file an FIR.
3) Based on the police complaint, the owner can apply for a duplicate share certificate from the housing society, which can be acquired by presenting an application at the society meeting.
4) If the application is approved during the managing committee meeting the housing society can issue a copy of the share certificates after charging a fee.
|2.||Do we need to advertise in Newspaper?||Yes, to declare the loss of the documents, the owner will also have to publish a notice in an English daily newspaper as well as regional language call for any claimants of the property within 15 days of the notice appearing in the newspaper|
|3||Any No Objection Certificate from society (NOC) ?||Yes, without NOC which no lender or buyer will be willing to lend or buy the property|
|4||Do I need to give any undertaking?||Yes, It needs to be on stamp paper mentioning that/he has lost the original documents. The undertaking should outline the details of the property, what was printed in the notice and the police complaint number.
It should also clearly state that all the details cleared in the undertaking are true.
This undertaking needs to be attested, notarized and registered with notary.
|5||How should I apply for the duplicate copy of the sale deed?||The copy of original sale deed can be obtained from the registrar office as it maintains the records of all transactions in its jurisdictions.
You will have to submit the following copies
1) Police complaint
2) the share certificate from housing society
3) the newspaper notices
4) the undertaking at the deputy registrar office
You will also be required to pay the charges thereafter, a copy of the sale deed will be issued.
If it is an old property, it is advisable to get a title and report the documents to ascertain that the property is clear of any encumbrance.
To obtain this document, we will have to visit the deputy registrar office which will have all the details of the property.
|6||What is the cost associated with the same excluding your professional fees?||Below is the cost list associate with the same:
After the above conversation, Mr. Nahta understood the process for retrieving lost property documents. This necessitates a lot of time and money from one and at the same time, it is not easy to jump from one office to another including various fees charged by offices.
Below is the few recommendations for Buyer before buying such property:
a) The owner may have mortgaged the house and the original documents could be with the bank. If s/he moves and is untraceable. The buyer will not only lose his/her money but may also be saddled with a bank loan
b) The additional due diligence any paperwork required can be cumbersome and costly
c) Banks rarely offers loans to buy such properties
d) It’s possible that seller may have sold the property to different people by using duplicate documents
e) Buyers are advised to purchase these properties through bank loans. First the bank legal team will verify all the documents associated with the property including a police complaint record.
f) It will verify authenticity of the documents Of course any charges that arise due to additional paperwork need to be borne by the borrower.
Extracted and modified from Mumbai Mirror newspaper published on 04/07/2021 on page number 4.