How & What of Land & Immovable Property Registration
Planning to buy an immovable property? You must register it if the cost of the property you are buying is more than INR 100. Land and property registration in India are governed under Section 17 of the Registration Act, of 1908. Typically, 1% registration fees as well as particular stamp duty which varies from state to state must be paid. Property Registration Immovable Property buying is a tedious process unlike any other kind of asset purchase we do normally. It’s time-consuming and demands a lot oftime, and effort from the buyer. The challenging aspect of acquiring a property is not finding it but once you finalise a property; getting the legal due diligence and the process of property registration which is a complex process with many steps. In India, registering a property often necessitates the following steps: Initiate the process with verification of the Title of the property, outstanding debts, encumbrances, the property tax paid receipts, property paper chain continuity, wills, power of attorney, gift deeds or any more such documents if they are a part of the property papers. Also do a thorough check ofvarious pending dues like water, electricity bills and various property taxes. One should also run a court check to find any kind of claim or litigation pending on the property. You can always take professional help to conduct these verifications. Once the property is approved with a clear title and pending no dues and encumbrances next important step is drafting an appropriate Sale Deed. Key aspects to keep in mind when sale deed drafting is planned is to capture all the previous transactions, loans and litigations. The sale deed should mention the financial transaction and the obligations of the seller regarding the property. It should also capture the warranties by the seller regarding the property. It is advisable to hire an experienced property expert lawyer to create a Sale deed. The registration charge varies from state to state and depends on the property value. Normally the amount of stamp duty ranges from 2% to 8% of the value of the property. Inquire about registration with the jurisdictional sub-registrar: The seller and buyer, or the people having their power of attorney, along with two witnesses, have to approach the office of the Sub-Registrar of Assurances, within whose jurisdiction the said property falls. Documents Needed to Register a Property After 2–7 days, the duly registered documents can be collected from the Sub-registrar of Assurance's office. The original copy of the deed that was submitted at the time of registration is returned together with a certificate that contains all the necessary information. Once registration is complete, you must submit a mutation application. Title ownership is changed through mutation process. Along with an affidavit, an indemnity bond, and a notarized copy of the registered sale deed, an application for mutation is filed. Online Property Registration Property and land registration have become simpler thanks to technology. You can now e-register your property. Online land registration is officially available in some states. Through these online portals, you can also estimate the cost of stamp duty. Net banking, credit/debit cards, and other online payment modes have made e-registration of land and e-registration of property possible. Guidelines for registering properties online Although a few states allow for online property registration, you should ideally bear the following in mind before registering your property online: Documents Needed for Land Registration The following documents must be presented to the sub-registrar office, to register a property: Additionally, biometric verification would be required at the sub-registrar office. When you go to the sub-registrar's office you must have two witnesses with you. These witnesses will need to have both the original and copies of their identification and address proof with them. A clean property which is duly registered and mutated in your favour is peace of mind.
Tags : land property Dr. Arvind Singhatiya Founder LegalKart registration online