Features Of The Registration Process
You may have paid a huge sum of money and bought a luxurious property. However according to government records it will be in the name of the original owner. Therefore, it is extremely important for you to register the property in your name. Here the word property applies to vacant land, house, bungalow, or even a small flat. Like it or not you will have to get it registered with the government authorities. Unless you do that, you are not the absolute owner in the eyes of the government. The process is a bit complicated and you will require the services of the lawyer. Moreover, of course the most important thing is that you will have to contribute to the government coffers.
Property registration in India is a process, which is a bit complicated. It is a bit complicated and requires some amount of paper work. It is in fact a six-step process. Let us discuss each step at a time. Searching is the first step which needs to be done. It is a process to see whether the seller of the property has the authority to sell the property. In the searching process, it is also seen whether the present seller has cleared all dues such as taxes, electricity bills. All these points require proper scanning. It is a cumbersome process and costs Rs 10,000. It will take seven days to complete the process. The house registration agreement is the next step in this direction. It is done at the local stamp duty office and takes about 7 days to complete. The fee, which is charged here, is Rs 100.
The next step here is the preparation of the sale deed. This is generally prepared on behalf of the purchaser by a lawyer. The sale deed is printed on a green court paper and the stamp duty stamp is affixed on it. This is a process, which again will take seven days to complete. Here the fee involved is 1% of the value of the property as per government records.
Next, we arrive at the penultimate step of the process. Here the registered deed is then stamped in front of the seller, buyer and two witnesses. This whole process takes place at the office of the Sub Register of Assurances. The whole process is carried out duly. The fee involved here is the maximum. It is 5% of the market value of the property for which the sale deed is prepared. It must be mentioned here that the registration process takes place on the value of the property decided by the government and not based on the amount fixed by the seller and buyer.
The next process is very simple. The documents are then handed over to the Reader of the Sub Register of Assurance for scrutiny. Here again you will have to pay Rs 30,000 or 1% pf the market value which ever is less. Now the seller will hand over the possession of the property to the buyer. The documents are then handed over to the buyer. It will take around half an hour.
The next step involved is mutation. It is different from the registration process. The purchaser will have to apply to the local municipality to get the property in his name as per the municipality records. It is after this process that the tax bill will be in his name. The property will truly be his.
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