Here is all you need to know about property registration
Buying your dream property involves a number of processes and formalities. One of it is Property Registration. It is a process of registering your property by necessary stamping, paying registration charges for the sales deed and getting it legally documented at sub-registrar’s office.
Why is Property Registration a must?
Section 17 of the Indian Registration Act, 1908 has made it mandatory to register property documents in order to be able to transfer, sale or lease it. Your entire process of property sales is considered invalid and illegal if the sales deed is not duly stamped and registered. Registration records your ownership details and hence it is an absolute proof that you own the property.
What is the process of Property Registration?
The process of property registration varies depending on whether your property is directly purchased from the builder or it is a resale property. Firstly, title of the property is verified. The valuation of the property is done. Stamp papers are prepared. Sales deed is prepared. Accordingly, the owner has to pay the stamp duty and registration charges. Then the documents are submitted to the sub-registrar for registration.
What should be kept in mind while Property Registration?
It is a full day process so keep a day free. Take your Aadhaar and PAN Card along with you. If your property is above 50 lakhs carry the document of TDC deduction. The registration process requires a witness so plan accordingly. The witness should be the person you trust. It generally takes 15 days to complete the registration process. They after you produce the issued registration receipt to the builder, your documents will be given back to you.
In short, be prompt and precise about Property Registration. Make your buying process hassle free.