What are the procedures for Property Registration?
In accordance with the provisions under the Indian Registration Act, 1908 the registration of the property is one of the crucial aspects of real property transactions. Transfers of property have to be documented to obtain the rights for the property upon the completion date of the paperwork. Examine the procedure to register land by reading the following points.
The buyer is able to visit the site to make an inspection of the land and talk about the value that the house is worth. After signing the verbal contract both the seller and buyer have to document the agreement in the form of paperwork. The buyer has to register online and upload all documents to the portal prior to making a reservation for a sub-registrar’s office to complete to register in a formal manner. The documents for the agreement must be completed with the help of a qualified lawyer for the security of authenticity. After the agreement is complete it is time for you to cover the cost of stamp taxes in the State. After that, sign the sale agreement and then register an equivalent with the Sub-registrar’s office by submitting all related documents. Then, the change of the property erased tax records when you visit the municipal authorities in your area. After confirming those documents by the SRO and the completion of the other formalities, you’ll be eligible to register your property.
The documents required for registration of the plot include
- Original documents signed by the original owner
- Demand draft for stamp duty
- Card for property, PAN card & Aadhar card
- Identification proof for the buyers, sellers, and witnesses
- Power of attorney if applicable
- Certificate of encumbrance
- A photograph of the property
When purchasing a plot there are a lot of things to consider during the purchase. Before you begin the registration of plots There are a few items you should know in the following.
Cost of Registration: The purchaser will pay the fee for registration to the state administration as an amount that is a tiny fraction of the cost of the plot towards the registration of the property with his personal name.
Stamp Duty: In the process of submitting those documents to the seller, the purchaser has to pay the stamp duty as an amount of a tiny percentage of the total plot price to confirm that the certificates are authentic.
Property Price: It is the bare minimum price of the land that is estimated by the government of the state. Stamp duty will be some percent of the sellable worth of the parcel. The fee for registration will be some percent of the value that can be sold. The saleable value of a property is the product of the property size and the guideline value. Senior citizens and women are eligible for discounted registration fees and taxes in certain states.
In addition to the overall price of your plot, the cost of registration fees and stamp duty costs are influenced by various aspects such as.
- Property Type: To purchase property or land if it is new or old will have an effect on the registration fee and stamp duty cost. Because the cost of a newly constructed property will be greater when compared to older properties. The cost varies based on the purpose of the property like commercial or residential properties. Therefore, the registration fee for commercial land is more expensive than for residential properties.
- The Area of the Property: The size of the land can have a significant impact on the cost of registration as well as stamp duty fees. The costs vary from one state to another and also vary depending on the area that is rural or urban. In general, cities are more likely to have expensive registration fees.
- Property Transfer: The cost of registration will vary according to the type of property transfer. If the property is being transferred to a non-related person, or by a relative as a ‘Gift’. The value will be greater in the former case when compared to the second.
Documents Required for Plot Registration
In order for the state government’s policy to purchase and legalize a plot, only a few necessary documents must be submitted to facilitate the guaranteed transaction. The required documents include
- Sale deeds in the seller’s name
- Katha certificate
- Receipt for the most recent tax payment
- Certificate of Encumbrance
- Contract of sale
- The title documents of every owner of the land
- All copies of the previous contract that have been registered (in the event of resales of property)
- Any power of attorney
- Guidelines for Land Registration or Plot Registration Procedure
- Checking for Details for Safety Assurance
This process lasts between 5 and 7 days and will cost around 10,000 rupees. The documents are thoroughly inspected to ensure there aren’t any outstanding bills or loans as when the purchase was made to ensure that the buyer’s transactions are secure. The seller must be in agreement for the sale of their home and the ownership documents must be signed by the names of the seller that will be provided by the department responsible for revenue records.
- Final Document Preparation: The buyer must appoint an experienced lawyer/ document writer for safe transactions. The final document is completed by them which is complete in all respects like Seller & buyer details, property schedule, commercial terms, layout plan, etc…
- Return of Stamp Duty: The buyer is responsible for paying the stamp duty to the bank they choose the process is completed within one day. The bank will issue an invoice with stamp duty on the front of the deed to sale.
- Closing Execution: The finalization process begins by signing the sale document at the sub-registrar’s office of the seller, and buyer along with two additional witnesses. The unique number is generated to serve as documentation and you must be able to pay for registration fees in either cash or DD. After all the formalities the paperwork is handed directly to buyers. You can seek the assistance of an agent in the office of the sub-registrar in case of further assistance is needed.
The documents contain two passport-size photos with ID proofs of the seller and buyer and two witnesses, PAN cards, and certified exact copies of the Certificate of Incorporation issued by the seller and buyer’s copy of the most recent property register card to ensure that the property is not owned by the government plot, as well as a municipal tax bill to show the year that the property was built.
- Changes in Ownership: This is the most complicated procedure that must be carried out with the help of an experienced lawyer. After the registration, the buyer has to alter that title into his own name, thereby allowing him to function to be the owner and taxpayer of the land. To do this it is necessary to submit the mutation along with an Affidavit, and a replica of your sale agreement in the office of the registrar. After you submit your request the tax due on your property will be calculated and a letter of mutation is issued to the buyer.
In order to assist people with the registration process, the government launched an online application that functions in the capacity of a search engine in the registration process and document submission. It is an application from the Department of Stamps & Registration. It lets people get the necessary documents required for registration in one location. Buyers can also reserve an appointment date on this site.
The benefits of registering the deed of property are as the following.
- Verifying the authenticity of the action.
- In order to ensure the elimination of fraud, preservation of evidence, and registration of ownership to the owner.
- Make sure transactions are publicized.
- Maintaining an accurate public record by the registration of a property.
- Use the facility to establish whether the property has been sold.
- It creates security for title deeds and establishes titles in the event that the original title deeds disappear or are destroyed.
A plot of land that is open for sale or a residential plot could seem like a daunting undertaking, but it can be a lot easier once you have the correct documents and support from those who can help. A small amount of knowledge can help in making informed choices and decisions.
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