BANK INVOLVEMENT IN THE REGISTRATION PROCESS Some banks prefer to have their representative physically present at the Sub-Registrar Office during registration. In such cases, the representative collects the title documents and hands over the cheque to the seller on-site. However, reputed banks such as SBI, LIC, and HDFC usually issue a No Objection Certificate (NOC) under Section 88 of the Registration Act, exempting their physical presence.
(We encircled section 88 in below NOC for your reference).
STEPS FOR THE BUYER
- Register both the Sale Deed and MODT at the Sub-Registrar Office.
- Immediately after registration, submit the following documents to the bank:
- Registered Sale Deed
- Registered MODT
- Encumbrance Certificate
- Parent Deed
- Latest Tax Paid Receipt
- eKhata
- Any other supporting property documents (e.g., Society NOC, utility bills)
- Upon receiving these documents, the bank will hand over the cheque to the seller.
- At the Sale Agreement stage, collect at least 20% of the sale value as a down payment.
- Ask the bank to confirm that the cheque is ready. Preferably, get a copy or image of the cheque.
- Once confirmed, finalize the registration date.
- Both parties proceed to register the Sale Deed.
- Post-registration, the buyer submits the title documents to the bank, and the seller collects the cheque
- Mention full financial details, including cheque number.
- Sale deed is void if full and final payment is not realized.
- Property possession remains with the seller until full payment is received.
- If terminated, the buyer must execute a cancellation agreement at their expense. Failure to do so allows recovery of expenses from the paid amount.
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