Property Registration Process
At the present time, the transfer of ownership has become a complex process. It is very important for all property buyers to keep in mind that for transfer of ownership, all buyers need to pay some additional fees in the form of stamp duty and for property registration.
You should pay stamp duty before registration of property or at the hour of executing the deed for which the stamp duty must be paid.
Immovable property in India could be acquired by any Indian citizen, Non-Resident Indian or by a people of Indian origin (not being a citizen of Bangladesh, China, Pakistan, Iran, Nepal Bhutan, and Sri Lanka). According to the Indian Constitution, the registration of land or property in India is governed under section seventeen of the Registration Act, 1908.
The main purpose of this act is to ensure that the details on all the deals are accurate and valid land/property records are mentioned. The registration process of the property involves paying the requisite registration fee to sale deed and making a stamp duty. Also, this process has such documents legally recorded with sub-registrar of your state/city/area. Apart from this, the registration process of the property varies based on whether it is the secondary sale of the property or whether the property is directly bought. In the latter case, the registration process may involve registration of transfer deed and stamp duty.
Important Steps In Relation To The Property Registration Process
The registration of property in India includes the follow-up steps which are as follows.
- Estimation of the property value (as per the current market)
- Property Title Verification
- Payment of the registration and stamp duty charges
- Preparation of all the required stamp papers
- Ready of the sale deed
- Submission of all required documents
- Approve the sub-registrar for property registration
Generally, the basic objective of registration of the property is to record the execution of the document. When you go to register the document is in the form of legal and proprietary, if any, it is transferred to the good owner. In the simple words, the intimation notice will be filled only when no deal has been registered between the lender and the loan candidates. This Notice of intimation has to be dispatch within thirty days of buying the property.