Hi,
I am in process of selling my ready possession property located in Pune. I am based out of Delhi. I have a home loan running from IDBI Bank. The buyer wants to take loan from HDFC bank and processing is going on.
HDFC Bank has raised a requirement for my presence in person at Pune registrar office for registration of ATS. As per him this is a legal requirement and must be completed before they partly disburse the loan to my seller for foreclosure of my IDBI Loan.
Can anybody suggest me if this is a mandatory requirement for me to be present in front of Registrar in person for registration of ATS? As far as my understanding is goes, I must be there to register the sale deed and ATS is more of an MOU between me and my buyer.
Please suggest
Read more
Reply
6 Replies
Sort by :Filter by :
  • Whatever you are registering, you need to be physically present. You can't do registration without being present. Not sure whether ATS is required to be registered. If yes, then you will be required here physically.
    CommentQuote
  • Thanks Truth and I am aware of that fact. My problem is the second part of question. Is this a madatory requirement for a home loan disbursment?
    CommentQuote
  • If HDFC requires ATS to be registered, then you can't do anything about it. It will depend on the bank whether or not it is required to be registered. Ask whether notorized document will be enough.

    However, from bank's perspective, it's fair that they ask for registered ATS document. They are giving lakhs of rupees just on the basis of that agreement!
    CommentQuote
  • I agree and in case this is a mandatory requirement i will fulfill the same. But there can be a possibility that the bank representatives donot understand what they are asking for and it's implications. May be a notorized one can do
    CommentQuote
  • ^^ All the best, and keep us posted.
    CommentQuote
  • According to the law:
    If the buyer pays the stamp duty on the ATS and registers it. Then the sale deed is not necessary after it. The buyer will just need the registered ATS and the receipts of payments done to you for the full consideration.

    After ATS, the buyer just needs the possession letter from you after all consideration has been paid to you.

    So you only need to go once for registration during ATS, no need to go again.

    PS: ATS is not MOU, it is a fully enforceable contract.
    CommentQuote