10 Things to Keep in Mind before Registering a Property By Athulya - April 23, 2019 Last Updated at: May 18, 2020 0 3952 10 Things to Keep in Mind before Registering a Property After registration, you might need to handover photocopy of your sale deed for electricity meter transfer, Property tax transfer, with society/association etc. Always handover watermark copy to agents or in Govt offices. People would buy their properties with their hard earned money. Thus it is important that they complete the registration process without any legal issues. A common possess only less knowledge on the registration process of a property. Here you can find some useful inputs in completing the property registration smooth and quick. Buying a property as an investment or as a home has long term consequences and thus need to have great caution while making such an investment. This requires meticulous scrutiny of documents as well as keeping a host of other factors in mind while entering into a transaction of sale and subsequent registration of the sale deed. For the purpose of registration of property, the relevant section is Section 17 of the Registration Act, 1908, the aim of which is to ensure that the legal records of the transaction are maintained. The following is a list of the 10 things that should be kept in mind before registering property in India- If you’re just looking around for related information on startups, government registrations, tax or legal documentation, check out the list of services we provide to make your interaction with government as smooth as is possible by doing all the legal documentation for you. We will also give you absolute clarity on the process to set realistic expectations. Register a Company PF Registration MSME Registration Income Tax Return FSSAI registration Trademark Registration ESI Registration ISO certification Patent Filing in india 1) The credibility of the Property and the Builder The most important aspect of any property whether it is a property which contains a bungalow or a property on which a high rise is constructed, it’s necessary to ensure that the documents in relation to the property are in order and that there are no irregularities in the documentation. However, equally important is to check the credibility of the company or group which is developing the property. The conduction of proper due diligence is important in order to avoid any untoward incident in the future. 2) Hiring a Lawyer Consulting a lawyer on a legal transaction such as registration of the property or sale deed is an important step. The lawyer can conduct due diligence, verify the documents and attest to its genuineness. The lawyer can also ensure that there are no irregularities in the transaction. 3) Personal Identification While registering the property, it is important to test the relevant information pertaining to personal identification such as PAN card, Aadhar card and passport size photographs. 4) Demand Draft The stamp duties and registration charges for registering the property or sale deed vary from one state to another depending on the rules of that state. Thus, while the process of registration is being done, care must be taken to calculate the appropriate amounts for stamp duty and registration charges and the correct amount should be entered on the demand drafts. Register Your Property 5) Requisite Documents While registering property there is a list of documents which need to be presented at the time of registration. The following are a list of documents which you need to keep with you while registering the property- Sale deed which exists in the name of the person who is selling the property The tax receipts of the latest property tax which has been paid for that property An agreement of sale and construction which is executed by the developer or builder in favour of the seller Khata/Patta Certificate of the property Latest statements from the bank regarding outstanding loans Encumbrance certificates from the date of purchase till the present day Latest electricity bill, as well as the receipt for them, said flat All title documents of the landowner The sanctioned building plan and the occupancy certificate from the builder If the property is being resold then a copy of all the registered previous agreements have also to be provided A Power of Attorney, if there exists any. 6) Checks for Approvals and Licenses Various certificates need to be checked especially when it comes to buildings that are developed by developers. These range from the commencement of work certificate, environmental clearances to verification of the land use as per the city master plan for the plot. 7) Preparation of the Sale Deed The sale deed is one of the most important documents when it comes to registering the property. The sale deed is prepared and worked on by attorneys from both the parties, i.e. the buyer and the seller. The sale deed covers various aspects regarding the nature of the transaction such as lease, sale and power of attorney. 8) Stamp Paper The stamp duty is calculated based on the circle rate as well as the differing stamp duty for different states. Another important component is the value of the property based on which the nature of the stamp duty will vary. The stamp duty should be calculated according to the prevailing rate and non-judicial stamp paper for the same must be procured. 9) Witnesses during the process of Registration The person who seeks to register the property has to approach the office of the sub-registrar in order to complete the process of registration. In order for the process to be complete, the registered document requires the signature of two witnesses. 10) TDS In transactions that exceed Rs. 50 Lakhs, the buyer is required to submit proof that he has deducted 1% TDS from the value of the property. This document also has to be presented at the time of registration of the property. Knowing about the property registration process in detail can help people from getting trapped with untrusted mediators and brokers. You must be vigilant when buying a property else you would be cheated easily. You can also seek professional help for the registration process. The above tips offered would of great use for first-time property buyers. How to get GST certificate? To get the issued GST certificate from the government, you need to download the same from the GST portal any time you want.Understand the procedure for GST registration and GST returns here. Whether all Companies has to file MSME Form I? According to the government, all the specified companies must file in MSME I form with details of outstanding payment to micro or small enterprises suppliers.More on Udyog Aadhar Registration. What is e-filing utility provided by the Income-tax Department? To make things easier for the income tax department has come up with a e-utility software that would help to file the income tax returns.Learn more about Income Tax Return Filing. What is ISO? By implementing International Organization for Standardization or ISO certification, it helps your business to remain efficient and effective in the industry.More info on ISO Certification. When is an NGO eligible for Government funding ? The Government funding for NGOs take up to 3 years.However, if the project is approved within 1 year, it will take less time.More about NGO Registration in india.