Section 18 in Punjab Apartment and Property Regulation Act, 1995
18. Regulation of property transactions.
(1)A promoter who enters into a transaction for the transfer relating to a property shall,-(a)make full and true disclosure of the nature of his title to the property indicating clearly that his title to property has been duly certified by [by the officer not below the rank of Assistant Collector Grade-II and make full and true disclosure of the license obtained from the competent authority under section 5] [Substituted 'an attorney-at-law or an advocate of not less then seven years' standing, after he has examined transactions concerning it in the previous thirty years' by Punjab Act No. 21 of 2014, dated 27.8.2014.];(b)make full and true disclosure of all encumbrances on such property, including any right, title, interest or claim of any party in or over such property;(c)in case the property is land held on lease, produce consent from the lessor for the transaction;[***] [Omitted '(d)' by Punjab Act No. 21 of 2014, dated 27.8.2014.](e)make full and true disclosure of any reservations, in the development plan framed under any law for the time being in force or restrictions on the use to which the property may be put and any liability to carry out any development works;(f)specify in writing the date by which possession of the property is to be handed over;(g)make full and true disclosure of all outgoings, including ground rent, it any, municipal or other local taxes, revenue assessment, interest on any mortgage or other encumbrance, development charges or charges for maintenance and upkeep of roads, drainage, sewerage, water supply, electricity, laid out and constructed by the Government or any local authority.(2)No person shall issue a prospectus or advertisement offering for sale any property, unless the prospectus or advertisement indicates the place and time the documents and certificates relating to the matters specified in sub- section (1) are available for inspection.(3)The provisions of sub-sections (4) and (5) of section 4 shall apply mutatis mutandis for mis-statements in the prospectus or advertisement issued under sub-section (2) of this section.(4)The provisions of sections 13, 15 and 16 shall apply mutatis mutandis to a transaction of property made under this section.,
