Property registration is a very necessary step to ensure ones right towards the ownership of an immovable asset in legal terms. The process of property registration in India helps to record and save the ownership change details or transaction details regarding a particular land. This legal documentation helps to decrease the fraudulence risk as well as aids in finding easy solution to any dispute over the property. Our law compulsorily indicates every property owners to register the property for preserving it as evidence, ownership assurance and up keeping law in order.
Main Steps Towards the Registration
- Search of previous documentation of the property: You need to verify all the legal records associated with the asset from the sub registration office. Scrutinize the papers that incorporate the location of the property, ownership right, purchasing date as per the ownership, transfer and inheritance plans. Ensure that all the dues regarding the property tax, home tax, water bill and electricity bill have been cleared. This process may take up to 6 or 7 days and it may charge you around Ten thousand rupees.
- Property Registration Agreement: This phenomenon is performed at the neighboring Stamp Duty center, where you need to offer an amount of 100 INR as a fee towards the agreement. The process may take up to 7 days for completion.
- Sale Deed Preparation: In aid of the purchaser, an official attorney is responsible for making out the deed. You need to offer one percentage of the full asset value.
- Ultimate Registration and Document Submission: The property registry is first stamped, implemented and ultimately registered before the buyer, seller at the Sub registrar in the presence of two witnesses. A stamp duty of five percentage of the property’s market value has to be offered and the process takes two days for completion. After verification, the documents are produced before the Sub registrar who then hands over it to the seller. The seller offers the possession to the buyer after receiving the payment.
- Mutation of Property Ownership: The municipality will offer a mutation letter supporting the buyer and allocates the property tax rate.
The phenomenon of registration can be an annoyance, if you are not sure about the exact procedures. However, you may rule out the hassle by seeking the help of a realty attorney who will assist you in all related legal documentation and other proceedings associated with the property registration. You can find best lawyers from www.Indiahousing.com or may search one from revenue authority office. The registration of properties, houses and flats are carried out at sub registration offices located at the respective corporation, municipality or panchayat. For details visit www.propertynice.com/property-registration.php