What is a trust deed?
A ‘trust deed’ or ‘deed of trust’ is executed in order to transfer the title of a moveable or immoveable property to a neutral third party. The person who acquires such a property is called a ‘trustee.’ Unlike sale deeds, consideration may not be paid on the transfer of property through trust deeds.
We analysed TEAL’s data repository, which contains details of over 85 lakh documents registered in the SROs across the Mumbai Metropolitan Region (MMR) from 1986 to 2020, we found that trust deeds accounted for 0.02 percent of the total deeds’ registrations in MMR. Our data covers the districts of Mumbai, Mumbai Suburban, Thane, Palghar and Raigad. You can see the year-wise registration trend in MMR below-
Source: TEAL data
How to register trust deeds in Mumbai?
It is not possible to register a trust deed online in Mumbai today, although the stamp duty for registering most property-related deeds in the city can be paid online. You will be required to visit the relevant Sub Registrar’s Office (SRO) in person to register your trust deed.
You will be required to take the following documents with you while registering the trust deed at the SRO-
- The original trust deed
- A copy of the trust deed
- Photo identity proof in the form of voter’s ID card or passport of the transacting parties
- Copy of the municipal tax bill to indicate the year in which the property was built/constructed, in the case of immovable properties
- Copy of the PAN Cards of the transacting parties
- Thumb impressions/signature and photographs of the transacting parties.
At TEAL, we are building the next generation of property due diligence using big data analytics and machine learning. We provide reliable information about property ownership, registration status, disputes, tax compliance history and all other information that you will need to make a safe and secure property investment. To learn how TEAL can help you in your journey, visit tealindia.in.