Register value of Property
Register value of Property is referred to as the price which is recorded on the transfer of property documents or simply it is the price that is paid for the property. Also to assess the stamp duties, transfer fees, and the relevant taxes we use this register value. Whereas the market value is actual price that is paid for the property. There are actually three phases in registering value of property. The first phase deals with the procedure done prior to the registration of value of property.
The first phase to register value of property actually is not the part of this registration but it is required to be initiated by an executor. This is done to present the property for the registration.
The things to be done at this phase includes i) purchase of a stamp paper, ii) document writing, iii) arrangement of supporting documents and certificates that is to produced for registering the value of property. The stamp paper can be bought either from a treasury or a notary. At this stage, the calculations are done for the stamp duty, transfer duty and also the registration fees are determined.
To register value of property, document writers prepare the registration document legally. The supporting documents required are witness, document proving the rights of the parties and the document that is used for establishing the transaction value. The second phase deals with the registration of the property. The document related to the property is produced before the sub-registrar of the jurisdiction. The steps under this phase are presentation, receipt, admission and identification and finally the registration.
At the presentation step to register value of property, the presentation stamp affixed is used to represent the following which includes serial number of the document, presentation date, presentation time, name of the sub-registrar office, etc. The final phase is termed as the post registration of the property document.