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IREF® - Indian Real Estate Forum > Real Estate in India > Real Estate Pune > Imp : Registration or mou ???
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Old February 18 2013, 01:53 AM   #1
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Icon25 Imp : Registration or mou ???

Hi all,

I have booked an under-construction flat in wagholi pune and i have to give 50% of the cost in a month's time.Since, i am not in India at present, i have given power of attorney( POA) to my brother in vadodara to deal on my behalf.

Now, i wanted to get this flat registered but the builder says that POA will not work as it does not have pune address.Is it correct ? Do we need to have the same city's POA to register a flat at that place or a POA is universal and can work any where in india ??? Does anybody know more abt this ??? Somewhere I read in this forum that one can get POA authenticated at registrar office, haveli #1.it is a kind of attestion. Will this work in my case since my original POA is from vadodara???? Pls advice.

The second option this builder gave us is that we can have MOU between us.But i was thinking making a big pymt just on MOU does not sound good to me. Also i have heard , mostly all builders in PUNE register the flat instead of going thru MOU, how true is that ???What is the authenticity and legality of such mou ???

Pls provide information on this....thanks !!!!

 
Old February 18 2013, 07:56 AM   #2
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Default Value of MOU

You need to tell your relative to consult a lawyer regarding POA.Value and utility of MOU is laid down in Transfer of Property Act and I give an extract:
As per section 17(1)(b) of the Registration Act, 1908, non-testamentary instruments (instruments other than a will), which intend to or actually create, declare, assign (including a transfer), limit or extinguish, whether in the present or in the future, any right, title or interest, whether vested or contingent, of the value of Rs 100 and above, to or in immovable property is a compulsorily registerable document.
Thus, any document, which has the effect of inter alia creating or assigning/transferring any right, title or interest in an immoveable property, is a compulsorily registerable document. The MoU in this case will come under section 17(1)(b) and is thus a compulsorily registerable document. Section 49 inter alia states that if a document, which requires compulsory registration—either under section 17 or under any provision of the Transfer of Property Act, 1882—is not registered, shall not affect any immovable property comprised therein, or confer any power to adopt, or be received as evidence of any transaction affecting such property or conferring such power, unless it has been registered. This means that the transaction desired to be made by the document will be inoperative as far as the immovable property is concerned. Thus, transfer of rights will not be complete through an unregistered MoU.
It may also be noted that as per section 49, the said unregistered MoU shall not be received as evidence (in a court of law or other legal proceedings) of any transaction affecting the property or conferring any power.
It would be advisable to get the MoU registered (a penalty may be payable on account of delay in registration).
Please take legal advise before entering into MOU and leaving it unregistered etc.
 
Old February 18 2013, 08:38 AM   #3
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Thanks Vaibhav !
Actually i did not fully understand those legal terms except this that i need to take legal advice before entering into mou.... Is that right ? Or am i missing on something ?
Still would be great if anybody gone thru the same has used Poa for registration to share their experience....
 
Old February 19 2013, 12:01 PM   #4
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Icon18 Pune address in PoA ???

I spoke to the builder's advocate as well for POA.she is giving a clause since my brother in whose name i want to make power of attorney has vadodara's address and no address of pune ( where i hv bought the flat ), the power of attorney will not work since sub registrar in pune are not accepting it. She even said that it is not a rule but the sub registrar said that they are instructed to hv pune address in poa in whose name the poa is made.

This really sounds absurd as if this is the case then nobody can buy out of station properties thru POA if none of their friends or family is in that place.

Any advice on this pls ????
 
Old February 19 2013, 01:03 PM   #5
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Quote:
Originally Posted by chetpal View Post
I spoke to the builder's advocate as well for POA.she is giving a clause since my brother in whose name i want to make power of attorney has vadodara's address and no address of pune ( where i hv bought the flat ), the power of attorney will not work since sub registrar in pune are not accepting it. She even said that it is not a rule but the sub registrar said that they are instructed to hv pune address in poa in whose name the poa is made.

This really sounds absurd as if this is the case then nobody can buy out of station properties thru POA if none of their friends or family is in that place.

Any advice on this pls ????
This is utter rubbish and totally absurd !!! There is no rule as such where POA needs to have Pune address . I appointed my father as POA(as I was at abroad) for the registration of my Pune flat and he was not having Pune address and was carrying Maharashtra native place address. The registration process went smoothly. Better you speak with sub registar and ask them if he/she can show such rule in written if not then convience him/her with your points, if subregistar refuses to accept then ask them for alternative options.

Let your lawyer speak with him. Ask someone to visit registar office to collect correct information. Otherwise complaint about registar to higher authority.
 
Old February 19 2013, 08:43 PM   #6
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Default meanging of section 17

Quote:
Originally Posted by chetpal View Post
Thanks Vaibhav !
Actually i did not fully understand those legal terms except this that i need to take legal advice before entering into mou.... Is that right ? Or am i missing on something ?
Still would be great if anybody gone thru the same has used Poa for registration to share their experience....
This MOU will have the effect of creating ownership rights and so it should be registered.
In the event of a dispute the MOU cannot be presented as an evidence in court of law.
If you intend making a legal transaction it is better to do it the full legal way.MOU is not a fully safe way to deal with a builder in my way of thinking..
 
Old February 19 2013, 09:05 PM   #7
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Smile Not doin MOU

Hi Vaibav,

I am now not going for MOU . instead i will go for registration of the apt. through POA.

Hope it's safe and legal then .

Also my last query, after booking the flat do we need to have an agreement with the builder. If yes, then who makes it and is it legally valid and enforceable...???
What i have received after booking the apt. was allotment letter and receipt for booking amount.

pls advice.

Thanks !
 
Old February 19 2013, 09:08 PM   #8
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Icon18 pune address

Hi kingkong,

May be by pune address , the lawyer meant maharashtra address for POA( hence ur POA might have worked)...mine will be vadodara address. Hence still little confusing. Also they say diff sub registrar have diff rules in this regard.

anyways, will try to clarify that too......

Thanks !
 
Old February 19 2013, 09:09 PM   #9
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Default MOU.Registration

Quote:
Originally Posted by chetpal View Post
Hi Vaibav,

I am now not going for MOU . instead i will go for registration of the apt. through POA.

Hope it's safe and legal then .

Also my last query, after booking the flat do we need to have an agreement with the builder. If yes, then who makes it and is it legally valid and enforceable...???
What i have received after booking the apt. was allotment letter and receipt for booking amount.

pls advice.

Thanks !
You will need to enter into a registered sale agreement with builder listing out terms and conditions,payment schedule etc.Format is with standard clauses and any thing specific to the flat like carpet area,date of delivery of completed flat etc.
 
Old February 19 2013, 09:14 PM   #10
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Default agreement

so when is that need to be done.......before registration of the flat or after that ??
 
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