MJK Real Estates

Types of Documents There are various types of documents related to the transfer of ownership of properties, including houses and plots. Below, we explore some of these documents: 1.Gift Deed:    - A document where an individual transfers their property to another person without expecting any monetary compensation or other benefits. This is known as a gift deed. 2.Partition Deed:    - A document that divides an individual’s property among their heirs equally and records the transfer of ownership to the respective individuals. This is known as a partition deed. 3.Settlement Deed:    - A document where an individual divides their property among their heirs according to their wishes and records it. This is known as a settlement deed. 4.Will Deed:    - A document where an individual specifies how their property, including houses and plots, should be distributed among various individuals after their death. This is known as a will deed. 5.Sale Deed: ...

 Documents Not Mandatory for Registration Not all documents need to be registered; they can be registered if desired. Failure to register these documents cannot be used as a reason for rejecting them. 1. Sales Certificate for Immovable Property in Judicial Auctions:    - The sales certificate issued for selling immovable property in a judicial auction must be registered. 2. Mortgage Discharge Certificates:    - If a mortgage loan has been repaid or the debt has been settled and this is endorsed on the original mortgage deed, it does not need to be registered. 3. Government Grants of Immovable Property:    - Orders granting immovable property by the government do not need to be registered. 4. Debentures:    - Debentures issued by cooperative societies do not need to be registered. 5. Court Settlement Deeds:    - Settlement deeds created as part of a court settlement do not need to be registered. 6. Leases Under One Year:   ...

How to Obtain DTCP Approval for Panchayat-Approved Plots Over the past thirty years, panchayat-approved plots, No Objection Certificate (NOC) plots, and unapproved plots were banned from registration by the Chennai High Court in October 2016.  As a result, until the end of 2017, it was impossible to buy, sell, or register such plots, leaving many transactions in limbo. In response to continuous requests from real estate developers and buyers, the government issued a regularization order (Government Order No. 78) in late 2017 to address this issue. However, the implementation of the government order faced some practical challenges and the regularization fees were considered high. The government then made amendments to the order to accommodate these concerns. The DTCP (Directorate of Town and Country Planning) office has set several deadlines for regularization applications and is reviewing them accordingly. Given the vast number of plots across Tamil Nadu, it is expected that the DT...

Checklist Before Buying a Property When a piece of land comes up for sale, here are the steps you should follow immediately: 1. Check the Computerized EC (Encumbrance Certificate) from 1975:    - Obtain the computerized EC from 1975 onward.    - Also, get the manual EC from 1908 or 1858 if possible.    If the EC shows zero value, it indicates that the land is government land, wasteland, or encumbered land, and you should avoid purchasing it. 2. Double Document Land:    - Avoid properties listed under a Power of Attorney (POA) as they may lead to double documentation issues.    - If you must buy a POA property, verify if the person who granted the power is alive and mentally sound. Meet the grantor in person and verify the POA's validity. 3. Will Document Land:    - Verify if the land ownership has been transferred through a will.    - Ensure that the will is the last and final will. Check with the seller’s relatives f...

Hidden Facts About Auction Properties You might have seen public auction notices in newspapers daily. Most of the time, these are properties that were purchased with bank loans that the owners could not repay, leading to the auction. There are specific buyers who specialize in purchasing these auctioned properties. Mostly, those working in banks, real estate professionals, and real estate investors show interest in buying such auction properties. Their belief is that the auction price is determined based on the market value. Banks also employ good property valuers to appraise these auction properties, making them seem reliable and free of encumbrances. However, in reality, market value appreciation is often driven by development and sometimes by speculation. It is beneficial to auction properties in developing areas. However, properties in speculative areas with inflated prices can lead to financial losses. In real estate, artificial price increases are like bubbles that burst after a ...

 Book-4 Documents Whether it is a property document or a non-property document, all documents can be registered. Generally, documents are classified into three types. Documents that are not registered in Book-1 are registered in Book-4. These are known as private documents or personal documents. They may or may not be related to property, but the key point to note is that the ownership of immovable property does not change hands through these documents. For example, if an immovable property is sold, the ownership rights of that property are transferred from one person (the seller) to another person (the buyer). Therefore, such documents are registered in Book-1. However, documents related to property that do not transfer ownership are registered in Book-4.  Examples include: Power of Attorney Documents:  Authorizes someone to act on behalf of another person in legal or financial matters. Adoption Deeds:  Legal documents for adopting a child. Trust Deeds Not Related t...

Book-3 Documents Whether it is a property document or a non-property document, all documents can be registered. Generally, documents are classified into three types. Book-3 is a special category for documents that do not fall under Book-1 or Book-4. It is primarily for the registration of wills. A will may or may not involve immovable property. Since a will comes into effect only after the death of the person who made it, it is specifically recorded in Book-3. A will is a personal document. It does not belong to the category of public documents. Only the person who wrote the will can obtain a copy of it, and no one else can access it. After their death, the heirs can obtain a copy of the will. In addition to wills, Book-3 also includes codicils, which are modifications or additions to an existing will. If someone wishes to make changes to an already written will, they can draft a codicil, which is then registered as a separate document but linked to the original will in Book-3. There a...