Quite a few documents are required while purchasing a property in India. These documents ensure the legality of the transaction and also offer freedom from any claims or legal disputes. In Maharashtra, one of the essential documents required for property purchase is the 7/12 extract. However, the 7/12 extract has been eliminated in urban areas of Maharashtra, including the suburban regions of Mumbai. Still, this document is significant when buying land plots in rural or semi-rural areas of the state. Thus, the 7/12 extract retains its importance in locations where land plots lack a city survey number.
Let us understand what 7/12 extract in Mumbai is and how important it is:
Also known as Saatbara Utara in Maharashtra, the 7/12 extract comprises two forms, namely Form No. 7 (VII) and Form No. 12 (XII). Form 7 contains information about the owners and occupants of the land, their respective rights, as well as details regarding the plot and crops. On the other hand, Form 12 provides agricultural specifics such as the types of crops grown on the land, the cultivable area, and the condition of the uncultivated portions.
In Mumbai, 7/12 extract is maintained by the revenue department in both Maharashtra and Gujarat. The preparation of the 7/12 document is carried out by the Talathi and subsequently signed by the Tahasildar.
The significance of the 7/12 extract can be understood through its various applications:
Verification of ownership: The 7/12 extract serves as concrete evidence of land ownership, making it valuable in legal proceedings if disputes regarding land ownership arise.
Essential for legal and financial transactions: Various legal and financial transactions related to land, like buying or selling, obtaining loans, and transferring ownership, require the submission of the 7/12 extract.
Displays revenue and assessment details: The 7/12 extract provides crucial information about the land's revenue and assessment, aiding in determining its value and calculating applicable taxes.
Highlights encumbrances and liabilities: Additionally, the 7/12 extract reveals any encumbrances or liabilities associated with the land, such as mortgages or liens. This information is vital in assessing the actual value of the land.
Overall, the 7/12 extract plays a significant role in establishing ownership, facilitating legal and financial transactions, evaluating land value, and disclosing encumbrances, making it an indispensable document for land-related matters.
There are a bunch of things that must be included in the 7/12 extract. Here is a list of all details that one must look for in the document:
These details make the 7/12 extract a comprehensive source of information for land-related matters.
Overall, the 7/12 extract in Mumbai is a vital document that plays a significant role in various procedures. We hope this information will offer you all the essential information related to the document that will ensure transparency and facilitate smooth land-related processes in Maharashtra.
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