Thursday, April 5, 2012

New Property deed format soon in Karnataka

New Property Deed format soon
The government has decided to introduce a standard format for documents on property transactions including sale.

A major step by the Revenue Department towards bringing in reforms in property transactions, the standard will cover mortgage deeds and gift deeds. Implemented, it will usher in uniformity in the way such documents are drafted.

The front page (also called index sheet) of the sale deed or any other document of property transactions will be standardised, stipulating a format. 

The front page will have a summary of the entire document with basic information about the property like its address, owner, encumbrance, if any, origin and the purchaser.