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Enlisting the reports identifying with the exchange, deal, rent or some other type of removal of a property is necessary under segment 17 of the Indian Registration Act, 1908.
Methodology for Registration of Land: Property Registration in India is obligatory under segment 17 of the Indian Registration Act, 1908. The enrollment of property is to be done in the Registrar's Offices by the Sub-Registrar. Following are a few strategies or procedures of property Registration.
Check the property title: The property documentation will shift contingent upon whether the property is being moved from the designer or dealer. The procedure of due determination gets simpler if there should be an occurrence of an optional deal as the primary proprietor of the property would have all the records set up for the enlistment of the property. On the off chance that the title were not satisfactory and attractive, most monetary establishments would decline to back the property. A bank or a lodging fund organization completes the due ingenuity process before affirming the venture and the lodging credit. Be that as it may, the onus lies on the purchaser to confirm the property title before enrollment.
Discover Sub Registrar Office: One needs to introduce the Sale Deed in the concerned Sub-Registrar Office where the land is arranged. Your legal advisor or lawyer will assist you with finding your property area and concerned enlistment center office. Stamp Duty and Sale Deed: The Schedule of the property ought to be accurately referenced in the Sale Deed and if any structure is arranged over the landed property that must be referenced in the Sale Deed alongside its expense. Planning of property Sale Deed is finished by an approved lawyer in the interest of the buyer. The stamp obligation is normally a level of the exchange esteem collected by the state government, on each enlisted deal. The toll of stamp obligation is a State subject and in this way the paces of stamp obligation fluctuate from State to State.
Take arrangement: The enlistment expense ought to be paid a couple of days before going for enrollment and the receipt is to be appeared to the Sub-Registrar's Office one day before the real date of enlistment. An arrangement must be assumed control via telephone and enlistment must be done at the workplace of the Sub-Registrar.
Accommodation of Documents: After point by point confirmation of the Sale Deed, the enlistment procedure will be finished according to the Registration Act. When the enlistment is finished the properly enrolled archive might be gathered by marking in the dispatch register or by giving a letter of power to somebody to gather it for your sake. The last deal deed ought to be stepped and enlisted at the fitting Sub-Registrar's Office. The Sub-recorder keeps a duplicate of the reports and returns the first archives to the purchaser inside 30 minutes.
Transformation of the title: Once the enrollment is finished, the buyer needs to apply to the neighborhood civil position to get the title of the property concerned moved to his/her name. This is usually alluded to as transformation of the title of the property. Presently the procedure or enrollment of properties in India is modernized. Under the automated Land and Property Registration framework, enrollment is simple. It encourages straightforwardness in valuation and dispenses with agents. The application structure can either be downloaded on the web or acquired from the concerned power's office. After due confirmation of subtleties, the Deed is drawn up and the enlistment procedure is finished. Prior to buying land, you need to ensure you accomplish appropriate research work about the type of land, purchase arrives through veritable and genuine vender, designer, intermediaries or specialists. At whatever point a property purchaser purchases a land parcel/enduring property, he/she needs to enroll the equivalent with the power concerned. The law doesn't perceive unregistered proprietors and doesn't give them any rights over the property. Enrollment of the property is a full and last understanding marked between the two gatherings and once it is submitted at the neighborhood enlistment center's office and the enlistment is finished, the purchaser legitimately turns into the proprietor of the loft.
Enrolling A MORTGAGED PROPERTY: If a property that is under home loan is to be enlisted, the selling bank will require a Non complaint authentication (NOC) from the lodging society in an endorsed design .It would then start the advance dispensing, contingent upon the reimbursement qualification of the buyer. The record will be properly enrolled on bank's affirmation of dispensing to the merchant in the wake of getting all the firsts from the sub-enlistment center's office. The lodging society should get an implication, without which the current proprietor can't make any outsider lien or exercise any option to additionally sell or award a leave and permit on the property.
Registration of the documents of sale and purchase of immovable property is mandatory and ensures conservation of evidence, prevention of fraud and assurance of titleThe law of registration of documents is contained in the Indian Registration Act. This legislation provides for the registration of various documents, to ensure conservation of evidence, prevention of fraud and assurance of title.
As per Section 17 of the Registration Act, 1908, all transactions that involve the sale of an immovable property for a value exceeding Rs 100, should be registered. This effectively means that all the transactions of sale of immovable property have to be registered, as no immovable property can be purchased for merely Rs 100. Additionally, all transactions of gift of an immovable property, as well as lease for a period exceeding 12 months, are also mandatorily required to be registered.
In special cases, when a party to the transaction cannot come to the sub-registrar’s office, the sub-registrar may depute any of its officers to accept the documents for registration, at the residence of such person. The term ‘immovable property’ includes land, buildings and any rights attached to these properties.
The property documents that need to be registered, should be submitted to the office of the Sub-Registrar of Assurances within whose jurisdiction the property, which is the subject matter of transfer, is situated. The authorised signatories for the seller and the purchaser, have to be present along with two witnesses, for registration of the documents
The signatories should carry their proof of identity. The documents that are accepted for this purpose, include Aadhaar Card, PAN Card, or any other proof of identity issued by a government authority. The signatories also have to furnish the power of authority, if they are representing someone else. In case a company is party to the agreement, the person representing the company has to carry adequate documents, like power of attorney/letter of authority, along with a copy of the resolution of the company’s board, authorising him to carry out the registration.
You need to present the property card to the sub-registrar, along with the original documents and proof of payment of stamp duty. Before registering the documents, the sub-registrar will verify whether adequate stamp duty has been paid for the property, as per the stamp duty ready reckoner. In case there is any deficit in the stamp duty, the registrar will refuse to register the documents.
Documents that have to be mandatorily registered, should be presented within four months from the date of their execution, along with the requisite fee. In case the time limit has expired, you can make an application to the sub-registrar for condonation of the delay, within the next four months and the registrar may agree to register such documents, on payment of a fine that may be up to ten times the original registration fee. The registration fee for property documents is 1% of the value of the property, subject to a maximum of Rs 30,000.
Earlier, the documents that were presented for registration, would be returned to you after a period of six months. However, with computerisation of the offices of the sub-registrar, the documents (bearing the registration number and proof that the documents have been registered by the registrar) are scanned and returned to you on the same day.
Failure to register the purchase agreement of a property, could put you at a huge risk. Any document that is mandatorily required to be registered but is not registered, cannot be admitted as evidence in any court of law.