The Registration of the Property
ALL YOU NEED TO KNOW ABOUT REGISTRATION OF A PROPERTY
“The best investment on Earth is earth.”, if you have the fortune to invest in even a tiny piece of property, it is obvious that you are marching towards the better part of your life. Going through a property registration process is a fascinating trip but might be tough at times!
Property registration is one of the first and most important tasks after purchasing a home. In India, registering property is also seen as a good event. While it is great to be excited about the Property Registration Day, it is equally important to be completely informed about the procedure, which necessitates extensive study.
Here, we have compiled a list of suggestions that may benefit you as you go ahead for a property registration.
Before proceeding with the registration process, it is necessary to verify the validity of the papers provided by the seller or developer. In the absence of digital land records, illegal sellers might take advantage of the situation. When you are purchasing a high-rise property, the likelihood of forging papers decreases as the builder themselves go through all the certification procedures by the government authorities. As a result, all documents have been digitized, and their records are by state standards.
However, it is always suggested to use the services of a professional who is well-versed in dealing with such processes. He or she should check the documents for correctness and advise you on the next steps.
2. Stamp Duty payment
Stamp duty is often calculated based on the overall worth of your property. Stamp duty is a type of tax payable whenever you need to register property. As this tax is calculated by the state government, the amount of the stamp duty differs per State. Stamp papers can be purchased from an authorised seller or downloaded online from the government website.
Most states charge higher stamp duty on properties in metropolitan areas than on those in remote rural areas. They also offer a cheaper stamp duty for ladies to promote them to buy property. In addition to stamp duty, one is required to pay an amount for registration which is generally calculated at 1% of the total property value. Therefore, make ready the accurate demand draft before you go to the registration process.
3.Draft the Sale Document.
Preparing the sale document is one of the many reasons why you should engage a qualified lawyer to help you with the registration procedure. Your lawyer will frame a purchase agreement and have it printed on stamp papers on your behalf. The value of the promissory note will vary depending on the type of transaction you are carrying out, whether it’s rent, lease, or sales.
4.Documents Required for Registration.
You are required to attach the identification and proof of address of those taking part in the registration procedure, Passport size photos, PAN card, and a No Objection Certificate (NOC) for the property.
If the property is funded with a loan, bank documents/statements you will be asked to attach the documents related to the loan also. The seller and buyer signed a Sale Agreement.
You would also need approved building plans, and Tax receipts if any while going for property registration. If the property costs Rs 50 lakh additional tax papers will be required.
Encumbrance certificate, DDs for stamp duty, and registration fees are also needed ,
5.Fix an appointment with a Sub-Registrar
Once you have gathered all of your paperwork, you’ll need to visit the sub-registrar to finish the registration procedure.
The appointment would be required to be taken with the sub-registrar regarding registering your property as the registration can only happen in the presence of his/her. Your lawyer would help you to schedule an appointment. It is advisable to carry both the original and two photocopies of the title deed. You will need two witnesses with you who have valid ID proof with them in presence of whom you will sign the documents. All your paperwork will be verified by the sub-registrar, and the registration procedure will be completed.
Purchasing a property is not only a great investment but also has a long-term effect as it is going to be one’s residence someday. Therefore, going through a property registration process should be addressed with care and consideration.
One must accomplish the whole registration procedure without any legal complications. Never hesitate to seek assistance from your experienced peers.
You will always be able to discover a solution to your problems. Before all the proceedings, learn and research the requirements separately. By doing this you will have an adequate level of confidence to manage everything around you.
We hope that the above-mentioned tips would shed light on the necessary elements and further help you to simplify the process of Registration of a Property.