While purchasing a property you must get it registered, failing to do so, the previous owner or the developer can claim its right over it. Legally speaking, the property is not considered to be yours until it is stamped and registered in your name.
Property registration works as a record for claiming your ownership over the flat.
Let us answer some commonly asked questions related to the registration process to give you a better understanding of it.
Ques – What kind of documents does one need from the owner’s side, during the registration process?
Answer– If you have a newly purchased house or in the process of buying one, then registration of the property is essential. Many people have this wrong notion that the registration process is lengthy, time-consuming, and complicated. This might be true to some extent however having proper documents ready with you can help you in reducing hassle.
Here are all the documents that you would require to hold during the registration process
– NOC
– Copy of agent and buyer agreement
– Possession letter from the real estate agent
– Home loan sanction letter
– ID proof, address proof, and PAN card.
– Photograph and signature to be verified by the bank
– Extra photographs
Ques – will the registration process cost me something?
Answer – Registry process involves two kinds of charges – stamp duty and registration charges. Stamp duty is the tax that is enforced on documents that are stimulated by state and central government. It is the charges that are paid for registering the property.
Ques – Does registering the property in the name of a woman’s name bring any benefit?
Answer – Many state governments in India, offer a waiver on the duty in case it is registered in a woman’s name. This can be done by registering the women’s name as sole owners or as a joint owner. You can get an exemption on the registry if there is no male applicant involved.
Ques- Is the registration of immovable property essential?
Answer – Yes, according to the Indian registration act, it is vital to get your property registered in case of transfer, sale, or lease. It is mandatory to register the property within 4 months of executing the sale deed.
Ques – Who is supposed to get the property registered?
Answer – A potential buyer is responsible for registering the property after submitting the stamp duty and necessary charges.
Ques – How long it takes to get the property registered?
Answer – Property registry takes around 2 weeks to 2 months, this depends on the authorities and backlog of earlier registration applications. Newly built property or if there is any complication involved in the property it can take much more time.
Ques – What are the different steps involved in the registration process?
Answer – Registration process involves various steps such as:
– The real estate agent informs the buyer about the registration process
– The agent will then link you with the lawyer who handles the registry which will further help you with the process.
– The lawyer will help you in the process by calculating all the charges that include stamp duty as well, which the owner has to pay.
– The lawyer will verify all the documents and forward your file for the registry process.
– Registration fees are paid
– The lawyer will inform you registration schedule
– On the scheduled date and time, the owner is required to sign all the documents in front of the registrar.
The above-mentioned questions can help you clear any doubt that you might have towards the registration process of the property.
In conclusion with
Property registration is a mandatory process that helps in preventing the occurrence of any kind of fraud or forgery. While buying a house, you should keep a few things in consideration like the real estate company, land record, possessions, builder-buyer agreement, and others. You can explore ATS, which comes with beautifully designed townships such as Picturesque Reprieves, to ensure you are investing in the right property.
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