Know about the property registration details in depth by understanding the laws, rules and regulations pertaining to it.
If you are acquiring a new property, you must go through the legal change of ownership, and it can only take place provided the property is registered under your name as per the government record. As different monetary implications affect the buying process, you must clearly understand the Indian government laws regarding property registration.
Basics About Property Registration
When you transfer property from one person to another, you need to formalize the transaction through registration at the sub registrar’s office. In addition, you have to make payment l stamp duty, generally termed a registry of property.
The Indian registration act 1908 is the registration law of property. The laugh features registration of different documents to ensure the conservation of evidence and fraud prevention and title assurance.
Is It Compulsory To Register Your Property?
Among all the transactions related to property that attract multiple registrations is the high-value purchase of residential plots and units. All transactions around the sale of any immobile property for a value of more than ₹100 must be registered as per the 17th section of the registration act 1908. It means that all the transactions of your immovable property sale must be recorded as no immovable property can be purchased only for rs. 100. The same rule is applicable for gifting property.
The Online Gift deed must be registered to get the validity legally, even if the donor doesn’t get any monetary rewards for the property exchange. Additionally, the lease transaction for a timeline of more than 12 months is compulsory for the deed to be registered.
The sub-registrar might visit a person’s place if they cannot see the sub-registrar’s office for any reason to offer property registration details. Immovable property term means lands or buildings beside any other rights attached to the property.
Property transfer is a must, so you should not ignore property registration at any cost
- Documents required for property registration
- Gift instrument for any immovable property
- Transactions featuring no testamentary instruments involved the sale of any immovable property for a certain value.
- Immovable property lease from year to year
- Transfer contracts immovable property for the purpose featured of the transfer property act 1882.
Optional documentation for property registration
- You don’t need to submit your will to offer a legal property standing.
- It is not mandatory to submit a rent agreement where the tendency. It is only for 11 months. It is mainly because rent agreements are signed only for 11 months.
- Past transaction documents are not mandatory as one cannot reregister these documents.
- A Court order is not mandatory if the value of the immovable property is less than a certain amount. The value is less, and the work and the charges involved in the process are pretty high.
- The sale granted certificate is not mandatory as this document is issued to the buyers of the foreclosed properties.
- A mortgage agreement is not crucial because this document should be registered for proper legal standing.
- A promissory note is also unnecessary as this document promises to pay someone and does not really need the registration.
- Grant of immovable property by the government is not mandatory as the grantor is the absolute owner of the property.
Make the House Registration Process Online with Complete Documentation Guidance.
Property Registration Process
The property documents that must be registered should be submitted on time to the sub-registrar office of assurances. To submit the documents within the jurisdiction, the subject matter of transfer is then started. The authorized signatories for the buyer and the seller must be present besides two witnesses for document registration: https://dolr.gov.in/en/gift-deed. The signatories must carry proof of identity, including a pan card or Aadhaar card.
The signal is also needed to display the authority power. The person representing the company must carry advocate documents if a company is a party to the agreement, including a letter of authority or Power of attorney, besides a copy of the resolution of the company’s board authorizing them to carry out the registration.
You must also present your property card to the sub-registrar besides original documents and payment proof of stamp duty. The sub-registrar will verify whether stamp duty has been paid for the property or not before registering the documents.
Stamp duty is ideally the tax you need to pay to the government for getting legal ownership of the property or any other asset. While the registration charge is ideally the fee to complete the legal formality in the government record, it varies from state to state. In multiple states, on the payment of stamp duty, women get offered waivers.
The Time Limit For Registering Your Property
You must submit all the compulsory mentioned documents above, which must be present in 4 months from the date of execution besides the requisite fee. Then, you can apply to the sub-registrar, provided the time limit has expired for the condonation of your delay within the next four months.
During this timeline, the registrar can reregister the documents after paying some fine that might be around ten times the original registration fees. The registration fee for the property document is around 1% of the total property value, and it is subject to a certain amount.
Gone are the days when the documents presented for registration would be returned to you after six months, but with the computerization of the sub-registrar offices, the records are scanned, and they get returned on the very same day.
Can You Register Your Property Online Without Visiting The Registrar?
While the majority of the states allow people to carry out a large part of the property registration process entirely online but for the final approach, you need to visit the office of the sub-registrar. You can quickly pay the fees for the stamp duty, provide all your details and book an appointment at the registrar’s office if you are going for the offline process.
Can You Register Land Without Deeds?
It is common in India to have a piece of land without any deals. Even though such cases are rare in urban localities, there are some ways in which you can register your property or land without any deed. In such a situation, you must submit your application to the registrar at the Land Registry office. The owner also needs to show sufficient proof of their ownership.
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