Investing in a home demands financial commitment. This is because it continues for at least a couple of decades. Subsequently, considering the importance of the responsibility, you must protect the decision suitably. A careful upholding of records of the property in question is a must. Most importantly, confirm that the property records are updated at the time of transfer of ownership. In short, the registration of the home must be done carefully. Looking to know the documents needed and procedure to follow for registering property?
To put in simple words, Registration of property in India comes under section 17 of the Registration Act 1908. The goal of the Act is to ensure that the deal in question has all the approved information. Most importantly if the legal records of the same are maintained properly.
Say, you’ve found a house you wish to buy and you’re all set to register the same in your name. So, you need to check if the following things are in order.
Registering Property: 5 Things to Check
1. Authenticity and credibility of the property
Proceeding to register a particular property in your name? You need to confirm that all documents of the property are clear.
It is sensible to confirm the reliability of the developer or the seller. Attentiveness is essential to keep away from problematic events in the future.
2. Lawyer’s backing for registering property
Discuss with a legal representative is very important. This is to confirm that property documents provided by the seller or developer are authentic. In fact, this is imperative. Besides you need to confirm that you don’t end up getting documents that are indistinct.
3. Documents required for registration of property
Unquestionably, to register a property you need to submit a set of documents at the time of registration
- Sale deed in the name of present seller
- Khata/Patta certificate from authorities
- Up-to-date tax paid receipt
- Latest statement from bank for outstanding loan
- Encumbrance Certificate from date of acquisition till current day
- Agreement of sale
- Latest electricity bill and receipt for the said flat
- No objection certificate (NOC) from the apartment’s association
- Sanctioned building plan
- All title documents of landowner
- Occupancy certificate from builder
- Joint development agreement
- General power of attorney (GPOA) between landowner and builder
- Conversion Order issued by the concerned Authority
- A copy of all registered previous agreements (in case of resale property)
- RTC (Records of Rights and Tenancy Corps) or 7/12 extract
- Power of attorney/s ( if any)
- Photocopy of Society Share Certificate and Society Registration Certificate
4. Personal identification for Registering Property
In addition to documents of the property, you need to submit some other documents as well. Ensure that you carry copies and originals of identity proof such as PAN card, Aadhaar as well as passport-size photographs.
5. Demand draft with correct amount
Going to register your property? Make sure you have demand drafts with the accurate amount ready. This is important for the payment of stamp duty and registration charges. Both vary from state to state.
Property registration fee in India
The registration fee for property in India is generally1% of the value of the property, subject to a maximum of Rs 30,000.
Handy tips to help you complete the process with no hassle:
1. Witness
Your witnesses play a significant role in the process to take place. In fact, they have to be present with you during the entire process. Besides, they must carry a valid ID proof along with them. Your witnesses should preferably be people you know well.
2. TDS
In particular, say the deal size is over 50 lakh. Consequently, the buyer will have to present a proof showing he has deducted one percent as TDS from the property value. Hence, do not miss to keep that paper with you.
To Sum up
Indeed, registration is a fundamental part of the home buying process. With this in mind, you need to follow all the steps involved in the process carefully. Undeniably, some are complex. However, getting the property registration process completed is very important. Having all property-related documents marks the beginning of your ownership. Most importantly, it protects you from any possible disputes in the future.
In short, this blog aims to make you understand the importance of registering property. This is to help you know the process to follow. All transactions that involve the sale of an immovable property should be handled with awareness.
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