The property registration must be formalized at the sub-registrar’s office following payment of certain dues, such as stamp duty, for it to be considered complete when a property is transferred from one person to another. The procedure is referred to as “property registration.”
The Indian Registration Act of 1908 is the primary legal authority on the subject of document/property registration legislation. This legislation requires the registration of a number of different papers in order to guarantee the authenticity of titles, safeguard against fraud, and preserve evidence.
Is there a need for property registration?
- The acquisition of high-value residential units and plots is one example of the many different types of real estate transactions that are subject to required registration.
- According to Section 17 of the Registration Act of 1908, every transaction involving the transfer/gift of immovable property for a price that is more than one hundred rupees is required to be registered.
- As far as gifting an immovable property is concerned, it must be followed by a gift deed registration. Land, buildings, and any rights that are related to these types of assets are all included in the definition of “immovable property.”
- Because of this, every transaction involving the sale of immovable property must be registered in order to be legal since there is no immovable property that can be acquired for less than Rs 100. When it comes to gifts of property, the same regulation applies.
- The gift deed registration must be done in order for it to have any legal standing, despite the fact that the donor will not receive any monetary compensation in return for the property.
Steps to follow for property registration
For the purpose of property registration, the 1st step is to determine an estimate of the worth of your property based on the circle rate in your region.
You need to compare the circle rate with the actual price that was paid during purchase. The stamp duty for property registration would need to be paid in the amount that corresponds to the greater of the two amounts shown above.
After completing the calculation of step 2, you will need to purchase non-judicial stamp papers in the amount of value that you determined to move to the next process for property registration.
The 4th step for property registration is the stamp sheet. The stamp sheets may either be acquired in person or online. E-stamps, on the other hand, may be acquired electronically, whereas these sheets can be bought through approved stamp merchants. If the stamp duty has already been paid, proof of payment must be presented, although it is also possible to pay it via the Collector of Stamps.
At this point, you are responsible for preparing the deed and having it transcribed on stamp papers. The topic of discussion varies depending on the kind of transaction that is taking place, which might be a purchase, a lease, a mortgage, a power of attorney, etc.
The next step for property registration is that all of the parties involved in the transaction must take two witnesses with them when they go to the Sub-Registrar’s office to get the deed recorded.
Everyone who is participating in the process of property registration should have their own pictures, identity papers, and so on with them at all times. In addition to the original copy of the deed, you need to bring in two photocopies of the document in its entirety.
You will be sent a receipt of property registration after the sale deed has been successfully recorded. After about two to seven days have passed, one may once again go to the Sub-Registrar’s office in order to obtain the selling deed.
After you get the original sale deed registered, you can then use the property registration information and date to verify the original sale deed at the Registrar’s Office. If you find any discrepancy, you may take legal advice from professionals. This may be done after step 7 has been completed.
Request the modification of the Title Deed
Mutation refers to the transfer of property ownership from one person to another via a sale or transfer. This is significant because it allows the new owner to do property registration in his name with the Land Revenue Department. This also allows the government to collect property taxes from the correct individual.
What are the repercussions of failing to do a property registration?
- Should you choose not to register the purchase agreement for the property, you expose yourself to a significant risk.
- In the event that a document is needed to be registered but is not registered, such document will not be accepted as evidence in any legal proceeding.
- If this situation arises, it is better to take legal advice from your lawyer.
- It is important to keep in mind that demonstrating ownership of a specific piece of land may not be achievable unless your name is included in the official documents kept by the government as the owner of that property. Because of this, the buyer is required to do property registration before closing.
Can a property registration be done online?
In the majority of Indian states, the buyer is able to finish a significant portion of the procedure of property registration online. You may be able to use the internet services to complete some of the steps of the property registration procedure, but this will depend on the state in which you reside.
However, in order to finalize the transaction, you will need to present yourself in person at the office of the sub-registrar, together with the person you are purchasing the property from and two witnesses. You will need to come back to our office after the paperwork has been registered so that you may obtain the registered copies of your property documents.
The process of purchasing a house requires the completion of a property registration form. The registration process is one of the most difficult parts of owning a home. Even the most well-intentioned homebuyers might become bogged down in laws and paperwork.
As a result, consulting with an experienced broker or real estate agent is always recommended. It’s also a good idea to work with an attorney to make the registration of your property go more smoothly.