Registration process of a new property
Buying a home is a dream or wish in everyone’s life. People spend all their hard earned money in buying a home and you will have a proud moment when you finally become a homeowner. So, the moment has just arrived. Right? This doesn’t end here and doesn’t just think like that, which means unless your property is registered properly, you will not be provided any rights for that property. After buying a property, the registration of that particular property is really important. And you should do this to avoid all the legal disputes and you can get the entire control and rights after this registration process. Let’s discuss few things which you need to know before you register your new property. Because you should do this properly to become the lawful owner of the property.
The registration process involves the following steps:
1. Property evaluation
The stamp value is an important tax when you’re registering your property and it depends on the total value of your property. Get your property evaluated before you pay your stamp duty. And you can purchase stamp papers online or from the registered vendors.
2. Stamp duty
In the property, registration, the stamp duty is an important thing which involves some costs. And it varies from state to state and the buyer of the property should pay the registration charges to the State Government when they are transferring the ownership of a property. Once you have paid these charges, then you need to register your property under the Property Registration Act.
3. The Registration Act
As per the Registration Act of 1908, it is applicable to whole India except Jammu & Kashmir. It is established to get the ownership of a property without any disputes and this came into action to ensure the ownership of your property and it will help you in case of any kind of disputes.
4. Verify the title of the property
Before registering your property, you’re supposed to get the documents verified. It can be of two types, the property which is bought directly from the developers or from the previous owner who owns it before you do. So, if it is bought from the developer, then get the verification documents from them or else get it from the previous owner. You are doing this document verification, to avoid fraud or any legal disputes in that property.
5. Sale deed has to be ready
Prepare sale deed from an authorized attorney or lawyer and get it printed on the stamp papers. And the subject of your sale deed defines the nature of the transaction which you perform, such as sale, mortgage or lease.
6. Registration process
Now, you can approach the register office and schedule an appointment with them. During the registration process, you need to bring two witnesses, and they need to carry their ID proof and photographs and the sale deed. Then, you’re supposed to submit the No objection certificate (NOC), Demand draft, recent tax receipts, Passport size photograph and ID proof, recent bank statements, sanctioned plan and additional documents if required.
7. Final Process
During the property registration process, they will verify all your documents and return the return documents once done and they will keep a copy of the documents. It may look like a difficult process, but it will give you a legal owner of a property which you register. This is actually done to claim your ownership of a property and to avoid disputes. This process may be complicated, but the happiness you get when buying a property on your own is priceless! You can consider buying a luxury villa from Alliance Group to make your lifestyle better and it will be a great investment!