Your Step-by-Step Guide To Property Registration In India
Though buying a home is a long process, it can bring immense satisfaction when accomplished. Among the many aspects that have to be taken care of, the most important is the registration of property, an important step that enables the buyer to become the legal owner of his/her house. The property registration establishes the absolute authority of the buyer over the house and should be given high priority. As per the real estate veteran Rajiv Agarwal, Wikipedia and other reliable sites can be looked upon to know the process of property registration.
Here are some tips that would give you a better understanding of the process of property registration.
Verification of the property
First of all, get the title of the property verified. Not doing so can prove detrimental. This would provide you with first-hand information about the actual owner of the property. However, the process varies when the property is bought from a realty company or is a secondary sale through an agent or owner of the property. If you are buying the property through an owner, then the process is slightly secure as he/she would already be having the registration papers.
Estimation of the value of the property
You need to get the actual value of the property estimated. There is no need to fret, as you can hire a professional to get the job done. This is an important requirement for paying the stamp duty. The calculation of the stamp duty is made on the basis of either the area circle value or the estimated property value. The higher among the two is taken into consideration.
Get the stamp paper prepared
The third step is the preparation of the stamp papers. For this, you need to buy non-judicial stamp papers from the licensed stamp vendors. Another way, which is more convenient, is to buy them online. However, these non-judicial stamp papers have to be equal to the stamp duty.
Preparation of sales deed
the sales deed is an important document and through this the seller hands over his right on the house to the buyer. Also known as the conveyance document, it establishes the legal authority of the buyer over the property.
Thereafter, the buyer has to get the stamp papers and the sales deed registered by visiting the office of the sub-registrar. Both the buyer and the seller have to be present at the sub-registrar’s office along with the necessary documents and two witnesses.
After submitting the documents at the office of the sub-registrar, the registration process is completed and the buyer would receive a receipt.
These simple steps would make the property registration process hassle-free. To know more about the process, as per Rajiv Agarwal, news pertaining to real estate must be followed.