All You Need to Know about Property Registration
Have you finally purchased the house you’ve been looking at? Although this is an exciting moment for you, purchasing a home may also be very stressful. especially after you consider the extensive documentation required!
One of the first steps after property buying involves property registration.
In India, whole families are renowned for going to the registration process together after picking a suitable and auspicious day! While we encourage you to approach the registration of your property with enthusiasm and joy, our legal expert advises that you bear the following things in mind to ensure a smooth registration procedure.
The authenticity check
It is crucial to determine the validity of the documentation that the developer or seller has given before beginning the registration process. Without digitised land records, it is quite simple to fall victim to shady dealing.
So, hiring a lawyer with extensive experience in these instances is a good idea. He or she should be able to evaluate the legitimacy of the documents and give you the go-ahead to register.
The accuracy check
You are aware that the state government charges a stamp duty on each and every property registration. The method each state uses to collect stamp duty varies. Check the state government-mandated rates that apply to your circle and then make a demand draught for the appropriate amount.
Many states provide women a special rate in order to encourage women to own property. You would also be required to pay a fee for registration, which is typically estimated at 1% of the property value, in addition to stamp duty. Before you go for registration, make sure the Demand Drafts are prepared for the appropriate amount.
The document check
A property must be registered in order to be legally binding. As a result, you must produce a number of supporting documents. Among the crucial documents you must not overlook are:
- ID and proof of address of the people involved in the registration process
- Passport photographs
- PAN card
- No Objection Certificate(NOC) for the property
- Bank documents/statements, if the property is financed with a loan
- Title Deedof the property (From the seller’s end)
- Agreement to Sale executed by the seller and buyer
- Approved building plans
- Power of attorney, if any
- Tax paid receipts
- Encumbrance Certificate
- DDs for payment of stamp duty and registration fee
- TDS papers, if the property costs more than Rs 50 Lakh
The witness check
Witnesses must be present during the registration process on both sides (the buyer as well the seller). They would have to be present during the registration process. Make sure their IDs are on hand.
The Sub-Registrar check
To register your property, you would need to make an appointment with the Sub-Registrar because it can only be done in person. You can set up a consultation with a barrister with their assistance.
The registration procedure is time-consuming and drawn-out, frequently taking nearly a full day. Make sure you don’t have any other obligations, and the day before the registration, make sure you have everything ready.
Contact The LuXia for Property Registration Services
LuXia’s property management services for Customers and Overseas Citizens of India includes property registration service so as to fastrack and facilitate the entire process.LuXia’s property managers ensure the successful registration of your property with complete credence and safety. Our team of property lawyers is backed by years of experience, thereby delivering maximum client safety. We carefully work on the complete process from document inspection to meeting with the local registrar.
LuXia will help you to get the registration on your behalf in India. You need not travel or spend time on this tedious process by using our property management services.
We provide expert property law services to ensure that our NRI clients are directed in the right direction and are not unnecessarily harassed by the government officials.
Our property managers will also help you in a timely arrangement of the payment methods (DD) for the registration and stamp.Our property manager and property lawyer will be physically present with you or your chosen POA holder during the complete registration process. We will accompany you throughout the entire process to ensure effortless registration of your residential property.
Just Call us on +91-9810505543 or visit here www.theluxia.com for more information