Every time your landlord restricts you from doing small things, you desire to have your own house. You save bit by bit from your salary so that you can buy a house. You google search the things you would need to know while buying a house. “The list is long…”, you say to yourself.
Yeah, when it comes to investing in a big thing, you would never want to go wrong. Hence, you try to understand every detail that you should know about documentation. While doing so, you understand that registration of the property is the first thing that you need to do. Why?
Because if you don’t register your property, then the property is not legally valid! Thus, you might have to face lots of problems with this in future.
What are the things that you should keep in mind while registering your real estate property? What are the laws related to it? Let’s understand it bit by bit.
It is an obvious thing that you would try to register your property only after buying it. Thus, the first thing to do is to do an initial inspection of the property that you would like to buy.
After the deal is finalised and everything is sorted, the next important thing is to register the property.
Registration of real estate property in India is done under the Registration Act of 1908. Now, for the process of registration, you need to submit the required documents, pay the registration fees and the stamp duty. Further, you (the buyer) and the seller need to sign the required documents.
As per the Registration Act of 1908, the sale of any immovable property that has a value of more than Rs. 100 needs to be registered. Even if you donate or gift the property to someone else, the property needs to be registered for legal validity.
Now that you are going to register your property, you need to submit the property-related documents to the sub-registrar’s office. Both of you, that is, both the buyer and the seller have to be present at the office.
If you or the seller can’t be present at the sub-registrar’s office and send any representative, then a power of attorney needs to be submitted. Further, there should be at least two witnesses too who need to witness the whole incidence of signing the required documents for registration.
If you want to register a plot of land, you have the Land Registration process, while if any house is to be registered, there is a separate House Registration process. In case you want to register any other real estate property, there is a separate process and the required documents might also vary.
You need to make sure that you are carrying all the documents needed to the office. The sub-registrar might deny registering the property if you miss out on any document! Don’t worry. You would get back the original documents on the same day itself. Thanks to the process of digitization!
All the documents should be introduced within four months beginning from the registration date. Submit the fees too. You can also apply for an extended period in case you can’t submit the documents within the stipulated time. For this, you need to bear a penalty too. Generally, the fee of registration is only 1 % of the total value of the concerned property. However, a maximum of Rs. 30,000 can be charged.
One thing to note here is that in almost all the states of India, there is the provision to complete a significant part of the registration process online. Nevertheless, you need to be present at the sub-registrar’s office for the final step. No way out!
I hope that I have been genuinely able to help you solve the doubts related to property registration. Yes, it is a time-consuming process. But have patience. This step is crucial to prove your hold on the property. Try not to miss out on any documents during the registration process. Your efficiency can save a lot of time!
I understand that these technicalities are a bit confusing for a layman’s understanding. Thus, we are there to help you out. In case you have any problem in understanding anything related to real estate, kindly mail your concern at firstname.lastname@example.org. Our expert team is ready to help you out always.
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