Have you finally bought that home you had been waiting for? These are exciting times for you, but much like a wedding, property buying can be pretty stressful too! Especially when you get into all the documentation involved!
One of the first steps after property buying involves property registration.
In India, entire families are known to go together for the registration process after choosing an appropriate and auspicious day!
While we like you to keep that enthusiasm and excitement high for registering your property, our legal expert suggests that you keep these points in mind so that the registration process goes through without a glitch.
The authenticity check
Before going through the process of registration, it is very important to assess the authenticity of the documents presented by the developer or the seller. In the absence of digitised land records, it is quite easy to fall prey to unscrupulous selling.
So, it is good to avail the services of a lawyer who is well experienced in handling these cases. He/She should be able to assess the veracity of the documents and advise you to proceed with registration.
The accuracy check
You would know that the state government levies a stamp duty on all registration of property. Each state follows a different structure for levying stamp duty. You should check the rates applicable for your circle as prescribed by the state government and make a Demand Draft for that amount accordingly.
Many states give a preferential rate to women to encourage property holding among women. In addition to stamp duty, you would also need to pay an amount for registration, which is generally calculated at 1% of the property value. Do have the Demand Drafts ready for the right amount before you go for the registration.
The document check
Registration of a property is a legally binding process. Hence, you require a number of documents to be presented in support. Some of the important documents that you should not miss out are:
- ID and proof of address of the people involved in the registration process
- Passport photographs
- PAN card
- No Objection Certificate (NOC) for the property
- Bank documents/statements, if the property is financed with a loan
- Title Deed of the property (From the seller’s end)
- Agreement to Sale executed by the seller and buyer
- Approved building plans
- Power of attorney, if any
- Tax paid receipts
- Encumbrance Certificate
- DDs for payment of stamp duty and registration fee
- TDS papers, if the property costs more than Rs 50 Lakh
The witness check
A registration process requires witnesses to be present on both the sides (the buyer as well the seller). They would need to be present through the process of registration. Ensure that they carry their IDs.
The Sub-Registrar check
An appointment would need to be taken with the Sub-Registrar for registering your property as the registration can happen only in his/her presence. A lawyer will be able to help you schedule an appointment.
The registration process is a long-drawn-out process, often taking up the entire day. Keep yourself free of any other commitments and make sure everything that you may need for the registration is kept in order the previous day.