5 Things to Note when Registering Property

The buyer, along with the seller, is required to carry out the most important process – property registration. Without it, a transaction is not formalised, and no one can claim the acquisition of the associated property. Registration of, let’s say, commercial projects inGoregaon or any other city for that matter, requires a lot of work and can be quite complicated. The procedure under the Registration Act, 1908 ensures that all the details and information about the transaction are stored systematically. Moreover, it is essential to be able to track the records in the future. Here are 5 things you need to note when registering property:

1.      The Sub-Registrar

The sub-registrar is the gazetted officer and the prime point of contact in the entire procedure. This person’s job is to hold and store the pertaining documents for registration that are submitted in the presence of both parties – the buyer and the seller. The registrar is supposed to check the date of certificate, the classification of the documents based on the Registration Act and Stamp Act, the supporting documents such as RTC, PAN forms, etc., and the Stamp Duty.

2.      Property Title  

The origin of the property refers to the property title; whether the asset belongs to a seller or a developer. You need to know the property title in case you’re planning to invest in it. The bank you will approach for a loan might refuse to entertain your loan application if there is a plausible problem with the title of the property. A finance company or bank goes through the whole process before the loan is processed. The buyer is required to produce a No-Encumbrance certificate from the registrar.

3.      Market Value

The real market value of the property must be disclosed to the sub-register who initiates and concludes the registration process. Moreover, the buyer and the seller must be aware of the price of the property, which is estimated by the consideration of the Market Value Committee. An appeal may be made to the District Registrar if the selling and the buying party cannot come to an agreement on the value.

4.      City-wise procedure   

The registration process for properties is different in each state. For example, getting possession of ready flats in Mumbai is easier than in cities like Chennai. Some states like Tamil Nadu have elaborate procedures of registration. Several cities like Mumbai have an easy procedure in which you can obtain stamp paper from vendors.

5.      Sale Deed

A Sale Deed includes the owner, buyer and in some cases, the developer as well. It is one of the most important documents that can be obtained from an authorized attorney with proper signature. The Sale Deed must include the property Schedule along with the details of the structure on the land. The cost of the structure is also required in this document.