There are specific tips that you need to remember when you are registering your property. The process might seem overwhelming, but we are here to help you. Read the blog to know more.
After buying a real estate property, we must always be registering your property according to the Law. Because avoiding any unnecessary, illegal issues is the smartest thing to do, especially in matters of real estate. Given below are some tips to register for your property hassle-free.
How to Register Your Property in a Hassle-free Way?
You would need to follow the steps below and act accordingly.
The Documents Needed
Central Government documents that act as photo identity proof containing the name, address, and date of birth are mandatory. What the person registering for the property needs to show to the Teller, the Reader, and the Sub-Magistrate is the PAN Card and the Aadhar card. A voter ID card or passport is equally efficient if you do not have an Aadhar card.
The Time When You Should be Present at the Registrar’s Office
A person must report to the Sub-Registration Magistrate when the office is open. Though the timings might be a little off due to COVID-19 generally, the office is open from 9:30 am to 6 pm. The period between 2 pm to 2:30 pm is lunchtime. It is better not to plan anything else for that day as property registration is a critical and legal task that might take the entire day.
While Registering a Property, You Must Always Keep the Following Points in Mind
- According to that, in their area, you must always keep the property rate in mind.
- A comparison is made between the property rate in that area and the actual price the person pays. Whichever of the above two is higher, that one is considered during stamp duty.
- Non-judicial stamp papers of that value must be bought that will arrive after the calculation.
- The stamp papers can be bought online and in-person from a vendor.
- The next step is to prepare the deed, which must be done, for example, buy, sell, mortgage, and so on, and must be written on the stamp papers.
- The two transacting parties must be at the Sub-Registration’s Magistrate’s office and have two witnesses.
- The witnesses must carry their photographs and identification documents which have their photos in them.
- The original, as well as two photocopies of the stamp duty paper, must be carried.
- After the seller registers the sale deed, they will get a receipt. Within 2-7 days from the registration, the buyer can collect the deed from the office.
- After registration, the deed can be verified using the registration date and id.
The Process of Payment
Avoiding the use of too much cash and conducting everything online has made an impact on the registration of real estate property as well. The payment of the stamp duty and registration is completed online nowadays. And this payment must be made before appearing in the office to make an appointment. No person can be given an appointment date for registering the property without paying for these two processes. It is better to make this payment under the surveillance of a professional lawyer.
It takes nearly 15 days for the deeds to get registered. Again, the documents can be collected by producing the receipt given to the Sub-Registration office. The bank can collect the records if a loan is taken.
The property registration rates are different in different places in India. Some of the following are:
- In Bangalore, the registration charge is 1% of the property rate.
- In Delhi, it is 1% of the total market value of the sale deed, along with a 100 rupees pasting charge.
- In Mumbai, the registration charges are 1% of the total market or agreed value of the property or Rs 30,000, whichever is lesser.
- In Kolkata, 1% of the total cost of the property is the registration charge.
Amendments of Registration Act
Registration is essential to check for any frauds going on with the properties. Tamil Nadu was the first state to start the registration of properties. It gives the right to cancel any fake documents if the inspector general spots any.
Earlier the cancellation took a long time because it was to be produced in court, and the judge had to re-examine it. But now, the inspector can do it directly. Thus, the advocates must provide valid photo identification documents to avoid fake documents. On submitting fake documents, the person might have to spend three years behind bars.
How Can a Person Register Online?
The registration of property documents is a very long process and can even take an entire day. It can be as low as only a handful of documents being registered out of a total of a hundred clients. This constant travel becomes a hectic issue. The best solution is the registration of property documents online.
People can register and pay online for all the registration via government portals. Note that the Government of India must verify the outlets to avoid fraud and leakage of documents or other scams. Doing so under the surveillance of a professionally qualified advocate is the most recommended option.
Conclusion – How We Can Help?
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