DRAFTING AGREEMENTS UNDER MOFA, 1963 AND MAOA, 1970 PARIMAL SHROFF & CO. Advocates, Solicitors & Notary Mumbai

Transcription

1 DRAFTING AGREEMENTS UNDER MOFA, 1963 AND MAOA, 1970 PARIMAL K.S SHROFF & CO. Advocates, Solicitors & Notary Mumbai

2 LAWS APPLICABLE Indian Contract Act, 1872 Evidence Act, 1897 Indian Succession Act, 1925 Indian Registration Act, 1908 Maharashtra Co-operative Societies Act, 1960

3 TRANSFER OF PROPERTY ACT, 1882 SALE MORTGAGE LEASE EXCHANGE GIFT (Sec. 54 to 57) (Sec. 58 to 104) (Sec ) (Sec ) (Sec ) TRANSFER OF ACTIONABLE CLAIMS. (Sec )

4 THE MAHARASHTRA OWNERSHIP OF FLATS (REGULATION OF THE PROMOTION OF CONSTRUCTION, SALE, MANAGEMENT AND TRANSFER R) ACT, 1963 General liabilities of Promoter. (Sec. 3) Promoter before accepting advance payment or deposit to enter into agreement and Agreement to be registered. Effect of non-registration of Agreement. (Sec.10) (Sec. 4A). Parimal K. M/s.. Shroff & Co

5 Promoter to maintain separate account of sums taken as advance or deposit and to be trustee thereof. Responsibility for payment of outgoings till prope erty is transferred. (Sec.5) (Sec.6) No Alterations or Additions without consent of persons, after plans and specifications are disclosed. (Sec.7)

6 Refund of amount paid with interest for failure to give possession. (Sec.8) No mortgage without consent of parties after executing agreement for sale (Sec.9) Promoter to take steps for formation of co-operative society or company. (Sec.10)

7 Promoter to convey title according to Agreement. (Sec.11) General liabilities of flat taker.(sec.12) Manager not to cut off essential services. (Sec.12A) Offences by Promoters. (Sec.13) Act to be in addition to Transfer of Property Act and to over-ride contract to the contrary. (Sec.16)

8 THE MAHARASHT TRA APARTMENT OWNERSHIP ACT, 1970 Status of Apartments. (Sec.4) Ownership of Apartments. (Sec.5) Common areas and facilities. (Sec.6) Certain work prohibited. (Sec.8) Common profits expenses. and (Sec.10)

9 Contents of Declaration. Contents of Deeds of Apartments. Declarations, Deeds of Apartments and floor plans to be registered. Removal from provisions of Act. (Sec.11) (Sec.12) (Sec.13) (Sec.14) Bye-laws. (Sec.16)

10 Waiver of use of common areas and facilities, abandonment of apartment. (Sec.17) Separate assessment. (Sec.18) Charge for property of common expenses. (Sec.19) Act to be binding on apartment owners, Tenants. (Sec. 24) Amendments of certain Acts. (Sec.27)

11 BOMBAY STAMP ACT, 1958 Charging of the instrument. (Sec.3) Specified documents executed in several parts and duty chargea able. (Sec.4) Distinction between principal and other Instruments. (Sec.4 to 6) M/s. Parimal K. Shroff & Co

12 Provision for special rate on certain documents. (Sec.7) Duty payable on certain principal instrument. (Sec.8) Mode of paying duties. (Sec.10) M/s. Parimal K. Shroff & Co

13 Machinery Sections provides how the documents are stamped. (Sub Sec 10 to 14) When stamp duty is not paid then said instrument shall be deemed to be not duly stamped. (Sec 15) The time of stamping instruments. (Sec 17 to 19) M/s. Parimal K. Shroff & Co

14 Valuations of Duty. (Sub Sec 20 to 29) Instrument affecting chargeability to stamp duty. Provides for appor rtionment of duties regardingg separate parts of instruments among different person. (Sec 28) (Sec 29)

15 Person liable to pay stamp duty. (Sec 30) Adjudication as to Stamp (Sec 31 to duty. Instruments not duly stamped 32C under Chapter III) (Sec 33 to 46 under Chapter IV)

16 Chapter V makes provision for allowances and the procedure for the same. (Sec 47 to 52B) Chapter VI provides for reference, revision, and appeal against the or rders passed under the Act. (Sec 53 to 58) Chapter VII deals with Offences and Procedure. (Sec 59 to 66)

17 Amnesty Scheme under the Bombay Stamp Act regarding Penalties in respect of unpaid instruments. Indirect impact on Articles 2(g), 8, 25, 36 and newly added Articles 36A and the provision in chapter III read with Bombay Stamp Act Value of property M/s. Parimal K. Shroff & Co

18 INDIAN REGISTRA ATION ACT, 1908 Documents for which registration is compulsory. (Sec. 17) Documents for which registration is optional. (Sec. 18) Place of Registration. (Sec. 28 to 31)

19 Procedure for presenting documents for Registration. (Sec. 32 to 35) Effects of Registration of document. (Sec. 47 & 48) Effects of Non-Registration of document. (Sec. 49) M/s. Parimal K. Shroff & Co

20 BMC ACT, 1888 Municipal Taxes. (Sec. 140 to 148) Valuation of property assessable to property taxes. (Sec. 154, 155 & 163) Appeals against Valuations and Taxes. (Sec. 217 to 219) M/s. Parimal K. Shroff & Co

21 Building Regulations. (Sec. 337 to 354A) City Improvement Schemes. (Sec. 354C to 354N) Re-development Areas. (354 RI to 354 RK)

22 MAHARASHTRA LAND REVENUE CODE 1966 Grant of Land. User of Land. (Sec ) (Sec ) Encroachment on lands. (Sec.50-60) Protection of Certain occupancies from process of Courts. (Sec )

23 MAHARASHTRA LAND REVENUE CODE, 1966 Land Revenue. Assessment and Settlement of Land Revenue. (Sec.64-78) (Sec ) For Agricultural Lands. For Non Agricultural Use. (Sec ) Land Records- Records of Rights Transfer of Lands. (Sec ) (Sec )

24 D.C. REGULATIONS FOR GREATER MUMBAI 1999 General building requirements. (Sec ) Regulations for Low Cost Housing Schemes of MHADA for the Economically Weaker Section (EWS) and Low

25 THANK YOU PARIMAL K. SHROFF & CO O. Advocates, Solicitors & Notary Mumbai