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MORTGAGES
(A brief Introduction)
Section 2(n) of the Karnataka Stamp Act, 1957
defines the word Mortgage deed as including every instrument
whereby, for the purpose of securing money advanced, or to be
advanced by way of loan, or existing or future debt, or the
performance of an engagement, one person transfers or creates,
to or in favour of, another, a right over or in respect of specified
property;
A mortgage deed is primarily liable to stamp
duty under Article 34 of the Karnataka Stamp Act, 1957, but
an agreement relating to deposit of title-deeds, power or pledge,
a bottomry bond, a deed of mortgage of a crop, a respondentia
bond and a security bond are expressly excluded from the meaning
of a mortgage deed by the Article itself. A deed of further
charge is expressly provided for by Article 27.
The rates of stamp duty on mortgage deeds vary
according as possession over the property mortgaged or any part
thereof, is given or agreed to be given or not.
A mortgage is thus a transfer of a certain
property in a thing. One does not, however, come across many
cases of transfers of movables or goods by way of mortgage;
and in practice execution of mortgage deeds is more or less
confined to mortgages of immovable property.
The Abstract
of the Transfer of property Act, 1882 of Section 58 and list
of notified places in Karnataka for deposit of title deeds
Ascertain Payment
of Stamp duty and Registration fee.
Ascertain the list
of documents (enclosures) required to be produced at the time
of presentation of the document before the jurisdictional Sub-Registrar.
Format of Simple Mortgage-deed
Payment
of Stamp duty and Registration fee.
A. (i) Stamp duty is payable on the instrument
but not on the transaction. To ascertain the correct
Stamp duty payable one has to see the intention
of the document and words used in it.
(ii) A general format has been designed for
the help of the public concerned. Based on this format
Stamp duty and Registration fee payable on
this Simple Mortgage-deed is as below:
The list
of documents (enclosures) required to be produced at the time
of presentation of the document before the jurisdictional Sub-Registrar.
An identical copy of simple Mortage-deed
Format
of Simple Mortgage-deed
Note : This is only a draft format and not
a format prescribed under any law. This format can be used with
modifications suiting to your requirements wherever it is necessary.
In case of doubt regarding payment of Stamp duty and Registration
fee etc. contact the concerned Sub-Registrar / District Registrar.
[You can
download this Simple Mortgage
-deed format]
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