Encumbrance certificate

The department of registration and stamps of concerned states and union territories (UTs) issue an encumbrance certificate to individuals as a prerequisite legal document for registration of ownership, execution of sale or transfer of property. Financial institutions require individuals to submit the encumbrance certificate as one of the important property papers to carry out legal verification before it accepts one’s application for home loan, or loan against property. Here’s a detailed guide to help you obtain the encumbrance certificate for your property. Remember, encumbrance certificate is issued by local sub registrar offices where the deed of a property or land has been registered. Summary • • • • Encumbrance Certificate At A Glance The encumbrance certificate helps settle any claims if a particular property is free from legal and financial dispute. The certificate is used to prove ownership of the property, and contains history of registered transactions for up to 30 years, chain of changes in inheritance, as well as fraud and litigation related information if any. When do you need an encumbrance certificate? • When buying and property/land • When applying for home loan, or loans against property • When withdrawing provident fund (PF) to buy property Encumbrance Certificate Types: Form 15 and Form 16 The sub-registrar office (SRO) issues encumbrance certificate either as Form 15 or Form 16. Form 15: The SRO issues an encumbrance on Form 15 if a property has any tra...

Madhya Pradesh Property Registration | Stamp Duty Charges | Encumbrance Certificate The department that is responsible for property registration in the state of Madhya Pradesh is the department of Registration and Stamp. Department of Registration and Stamps looks after the services that are related to property like registration of documents and issue of encumbrance certificate. Today in this article we are going to discuss everything about Madhya Pradesh Property Registration like its objectives, benefits, required documents, eligibility criteria, stamp duty, encumbrance certificate, the application process, important highlights, etc. So to know more about Madhya Pradesh Property Registration stay connected with us. Madhya Pradesh Property Registration Madhya Pradesh Property Registration Property Registration in India is governed by the Registration Act of 1908. Registering your immovable property should be the top priority when you buy a house, shop, or land as it provides your legitimacy to carry out any transaction. A person is considered the legal owner of a property only after he gets the property registered in his name. The Department of Registration and Stamp is liable for property registration in the State of Madhya Pradesh. Madhya Pradesh Property Registration Registration fees and stamp duty are not the same in all states of India so it’ll vary from state to state. The stamp duty is established on the agreement value or the market value and may vary from proper...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem. What Is an Encumbrance? An encumbrance is a claim against a property by a party that is not the owner. An encumbrance can impact the transferability of the property and restrict its free use until the encumbrance is lifted. The most common types of encumbrance apply to real estate; these include mortgages, Some encumbrances affect the marketability of a security: an easement or a lien can make a title unmarketable. While this does not necessarily mean the title cannot be bought and sold, it can enable the buyer to back out of the transaction, despite having signed a contract, and even seek damages in some jurisdictions. In Hong Kong, for example, the seller of a property is legally required to inform the real estate agent about any encumbrances against the property in order to avoid any problems later on in the sales process. The real estate agent will provide the buyer with a land search document that will have...