Investing money in property is probably one of the best financial decisions. But, when buying a property, it is important to register it in your name. This is because it will establish your ownership over the property. It will also help you to avoid any future legal disputes over the ownership of property. Property registration means registering the documents related to the property.
In India, the Registration Act, 1908 applies to property registration. The primary purpose of this Act is to maintain accurate records related to property.
The word property here means immovable property such as houses, shops, flats, offices etc. Further, please note that registering the sale or purchase of a property is compulsory in India.
Persons Eligible for Property Registration
In India, the following persons can buy and therefore register a property:
Steps in Property Registration
It involves the following steps:
Verifying the title of the property. This makes sure that the property belongs to the person selling it.
Determining the value of the property as per the circle rates.
Purchasing stamp papers and drafting the sale deed.
Paying the registration charges along with the stamp duty.
Visiting the sub-registrar's office (with two witnesses) for registration.
Submitting all required documents.
Verification of documents by the authorities.
Completing registration by recording the execution of documents.
Collecting the registered documents within 2 to 7 days.
Documents for Property Registration
You need the following documents for registration:
Passport sized photographs of the buyer, seller, and other parties.
No objection certificate from the collector (if applicable)
Proof of payment of stamp duty such as receipts or Demand Drafts/Cash for payment.
ID proof as well as Address Proof of parties to the transaction.
Please note that all parties must sign the documents in front of the registrar.
Fee for Property Registration
The stamp duty and other charges for registration will vary with the state. In most states, stamp duty charges are one percent of the property.
Timeline for Property Registration
It is compulsory to register property documents within 4 months of their execution. The actual time will vary with the time and date of appointment with the registrar. We will initiate the registration process within business days of receiving all relevant details from your end.
How PocketLawyer Can Help?
If you need any help with new property registration, we at PocketLawyer can help. We will connect you with expert professionals. These professionals are experts in property laws. You can post your requirement
and they will assist you with the entire legal process at affordable prices.