Property Registration Online
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What Is Property Registration?
So you’ve found the place you want to buy or found a buyer for your property, so you get an agreement prepared. There is no underestimating this document, given the large sums involved in property deals. This agreement will cover comprehensively the terms on which the sale will take place, the conditions, and the date on which the sale will be completed. But what next? Once this document is signed and executed, it needs to be stamped (and the duty needs to be paid). Together, this constitutes the property registration process.
Procedure for Property Registration
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We will assign you expert lawyers who will estimate the value of the property and calculate the Stamp Duty. The lawyers will also make an appointment at the registrar’s office.
At the appointed date, the lawyers will accompany you to complete the Registration of the Sale Deed at Registrar/Sub Registrar’s office and also collect the registered documents from the Registrar’s office.
Documents and Information for Property Registration
- Duty stamped signed and executed document.
- The claimant of the sale document must also sign the sale deed and appear before the registering officer for registration of the sale deed.
- Patta transfer application with court fee
- PAN Card/Number
- Patta pass book
- ID card for executants and claimant (for all deeds)
- ID card for witnesses
ADVANTAGES OF PROPERTY REGISTRATION
Application for the mutation of the Title Deed:
Meaning of mutation is change in ownership of the title from one person to another.Due to mutation the new owner gets the property recorded in his name in the Land Revenue Department. This also enables the government to levy property tax from the right owner.
City Survey and Land Records Department is the governing authority on application for the mutation. After assessing the request for mutation, City Survey and Land Records Department decides the value of tax on the property and finally issues a letter of mutation in favour of the buyer.
Under Section 80C of the I-T Act, an individual/HUF assessee is eligible to a deduction of stamp duty, registration fee and other expenses for the purpose of acquiring a house. This deduction is from gross total income. The maximum limit of deduction under Section 80C every financial year is Rs 1 lakh.
A Registered Title gives a quick up-to-date official record of who owns the land and individuals do not have to do any research as to the history of the title to the land i.e. what in layman terms is ownership.
A Registered Title is state guaranteed. If you have suffered a loss of an estate of interest in land property information because of a mistake or omission in the register by the Registrar you may be able to get compensation.
Disputes regarding the ownership or rights over the land might be resolved more easily.
Once registered by plan each title is given an official plan of the land, and this can be used to prevent any encroachment by trespass on the boundaries.
STEPS TO TAKE BEFORE REGISTERING A PROPERTY
An encumbrance is a thing which makes trouble in move of property enrollment subtleties from one proprietor to other for instance exceptional home loans, liens on genuine estate,unpaid property charges etc.A purchaser must check for any encumbrances on the property before purchasing and ought to get the property cleared from any encumbrances.This can be checked at the sub enlistment center’s office inside whose locale the property comes.
Chain of Documents:
Any purchaser should check for all the chain of documents before purchasing a property.Chain of documents are the documents which indicate when and how the property has been moved from one proprietor to other.
Installment of Dues:
Any property ought to be liberated from any contribution like property taxes,electricity charges, water bills and so forth. It is the duty of the purchaser to check this before enlisting the property.
Preparation of Deed:
A draft of the deed(Sale Deed,Lease Deed,Gift Deed and so on.) that should be executed must be set up on which the subtleties of the considerable number of gatherings included and the property required alongside terms and conditions must be referenced obviously before enlisting the deed.
Stamp duty calculation:
Stamp duty is the expenses charged by the administration and it shifts from state to state. Stamp duty is determined based on advertise estimation of the property in question.
Subsequent to finishing previously mentioned advances execution of the deed happens at the sub enlistment center’s office under whose locale the property drops by marking or thumb impressions of the gatherings required on the deed.
Yes, you would need to be there in person for the property registration. You would also need two witnesses to be present.
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