Is mortgage deed compulsorily registrable?

Is mortgage deed compulsorily registrable?

Most mortgages need registration. However, a mortgage created by depositing of title deeds (also known as equitable mortgage) is not compulsorily registrable Under the provisions of Section 54 of the Transfer of Property Act 1882, the sale of property should be registered.

Is it compulsory to register mortgage?

In the case of mortgage by deposit of title-deeds the immovable property is handed to the creditor by the borrower and documents stands as security. Since mortgage by deposit of title-deeds does not require registration, no payment towards registration fee and stamp duty is necessary.

In which mortgage registration is not compulsory?

Most types of mortgages need registrations. However, mortgages created by depositing title deeds (also known as the equitable mortgage) are not compulsorily registrable.

Is simple mortgage registered?

The features of a simple /registered mortgage are: b) Mortgagee gets a right to cause sale of the mortgaged property. This right to be exercised through a court of law.

Which is compulsorily registrable?

Documents that need to be compulsorily registered: Documents related to gift of immovable property. Any gift deed irrespective of the value of the gifted property needs to be registered. All non-testamentary documents that create interest, right, or title in property.

Is a declaration compulsorily registrable?

”. Basically, a document other than Will should be registered within four months for the date its execution, provided that where there are several persons executing a document at different times, such document may be registered and re registered within four months from the date of each execution.

What happens if a mortgage is not registered?

It is becoming more common for mezzanine lenders to accept an unregistered mortgage as security for a loan. While an unregistered mortgage gives the lender priority over any of the borrower’s unsecured creditors, an unregistered mortgage does not give a lender the same entitlements or benefits as a registered mortgage.

What is difference between simple mortgage and registered mortgage?

In an equitable mortgage you, the buyer of the property, have to buy a stamp paper. In a registered mortgage, you would need to approach the sub-registrar office for the same. Stamp duty: One of the key differences between the two types of mortgages is stamp duty.

Which documents are compulsorily registrable?

What is simple mortgage deed?

Definition. Simple mortgage is executed where without any property being delivered to the mortgagee; the mortgagor makes himself liable to repay the debt[9]. The fundamental characteristic of simple mortgage is that the mortgagee has no right to liquidate the property without the permission of the court.

Which type of deed consideration is compulsory?

In contrast to the agreement or contract, there is no requirement for consideration for a deed, consideration is not mandatory, a deed does not need consideration because of the idea that a deed is the most solemn indication that the parties are intended to be bound.

Is power of attorney compulsorily registrable?

Power of Attorney: The Indian Registration Act does not make a power of attorney compulsorily registerable. However, the Supreme court has recently ruled that a power of attorney given to sell immovable properties should be registered.

Can a deed not be registered without compulsorily?

However, in case of an instrument which is not compulsorily registrable, it is complete without registration. If that be so, the question comes to consideration that what deeds are to be registered compulsorily.

When does mortgage by deposit of title deeds require registration?

When borrower and the creditor choose to reduce a contract in writing as the sole evidence of terms between them, It since becoming integral part of the transaction, shall require registration under Section 17 of the Registration Act. Mortgage by deposit of title deeds whether requires compulsory registration?

Is the P-12 a compulsory registrable deed?

P-12 does not contain any recital of a prior, completed partition but on its terms embodies a decision which is to be the sole repository of the right and title of the parties i.e. according to which partition by metes and bounds had to be effected. It, therefore, required registration under s. 17 of the Registration Act.

Which is compulsory under the property Registration Act?

Section 17 (1) (b) of the Registration Act lays down that a document for which registration is compulsory should, by its own force, operate or purport to operate to create or declare some rights in immovable property.