If you are planning to register your property then there are some handy tips which can ensure the registration process without any hassle.
New Delhi: It is the registration that completes the ownership of the property. Hence, property registration is the most important part when it comes to buying a house. The legalities and document work often confuses home buyers. It is advisable to seek assistance from a real estate agent.
Under the Registration Act, 1908, it is important to register the sale deed. If you are planning to register your property then there are some handy tips which can ensure the registration process without any hassle.
Here are the steps to follow for the property registration-
If you are buying the property, then calculate the value of that property keeping the circle rate of the area in your mind. The stamp duty is calculated on the basis of the circle rate. Once you have calculated the stamp duty, buy non-judicial stamp paper of the value. One important point to note here is that this particular amount varies from state to state and depends upon the type of property, whether it is old or new. One should know about the cost before finalizing the property deal.
The stamp papers are the papers where all the property and property transaction details are written. Here, the subject varies from transaction to transaction. In order to complete the registration process, the buyer has to approach the sub-registrar’s office with two witnesses.
All the parties that are involved in the process of registration must carry their documents such as photos, identity proof and other relevant property papers. At the time of registration, the buyer must ensure that the details like name, address, etc are printed correctly. Though it can be corrected at a later stage as well, for that buyer has to pay the price.
In order to understand the legalities and clauses related to process, you can approach a legal expert who can help you during the registration process.
In case of joint property, names which are mentioned in the property must be present at the time of the registration process. You might require to visit the lawyer’s office as well that your builder has appointed to complete the process. After the registration of the sale deed, you will get the receipt of the payment made. Keep this receipt handy and safe as this will be required to collect the sale deed within the 10 to 20 days of the registration.
Important points to note-
Along with the property documents, you will be requiring Aadhaar and PAN card. In place Aadhaar, voter ID or driving license or passport can also be used. In case the deal is worth Rs 50 lakh, the buyer would be required to submit a proof of one per cent tax deducted at source (TDS) deduction from the property value.
It takes 15 days for documents registration. These documents are handed over to you once you produce the receipt which was issued o you during the registration process.