Whether you are buying a new house or simply planning to get the old one registered, there are certain things to keep in mind. This will help you get started in a smooth and stress-free manner.
Prerequisites for registration
Whether you are in the market for a new pad or have just purchased the home of your dreams, you should take the time to learn about the prerequisites for registration of a property. This will be the most important step in the process of purchasing or selling your home. If you are unsure about the correct procedure, a real estate agent will be able to provide you with the best information. The process can be somewhat arduous and time-consuming. However, in the right hands, the task can be a cakewalk.
The most important prerequisites for the registration of a property include the actual sale or purchase of the property, the actual transfer of statutory rights from the seller to the purchaser, and the actual signing of a deed of trust transferring the legal title of the property to the new owner.
Sale deed
Whether you are a buyer or a seller, there are several things to keep in mind before registering a property. These include:
A valid Sale Deed is one of the most important documents. It establishes the buyer's legal ownership over the property. The document should include important information such as the name and contact details of the buyer and seller. It also should describe the property's dimensions and construction details.
Generally, a sale deed should be signed by both parties. The signatures should be witnessed by two witnesses. These documents are essential to confirm that the transfer of ownership of the property is legal.
A sale deed should be registered within four months of signing. The documents must be submitted to the registrar's office. Various states have different registration charges. Visit this website to know more about sale deed.
Mother deed
Buying a property can be a fun and exciting process. However, before you make your first payment you should make sure that you know what you're getting into. The process can be made a lot simpler by making a checklist of the documents you need to collect. You will also want to know what a sale deed is before you buy.
A sale deed is a type of contract between two parties, usually a seller and a buyer. It's not only a legal document, but it also acts as proof of ownership. A sale deed should be attested by two witnesses. If you don't have a lawyer at hand, you may want to consult the local legal services.
You'll also want to check out the sub-registrar's certificate, which is the newest and shiniest piece of paper. The certificate proves that the property you are buying has no liens and that you have paid all your registration and stamp duty.
DDs for stamp duty and registration fee
Buying a new house is exciting, but getting it registered can be a chore. The government has put some oomph into making the process easier on the consumer. Getting the right documents in the right order can take as little as 15 minutes. If you are a home loan borrower, you can collect the relevant documents yourself or give them to your bank. You can also opt for electronic registration. The best part is, your documents are safe from prying eyes.
For a more sophisticated homeowner, you may want to ask your real estate agent to entrust the responsibility of registering your property to professionals.
Depending on the state you live in, you may be required to pay as little as 1 percent of the total property value.
Get a completion certificate
Getting a completion certificate before registering a property is important. Obtaining this document assures the buyer that the property is legally owned and that it conforms to all local laws. It also ensures that the property is in accordance with safety and building regulations.
Completion certificates include a description of the materials used, the height and the location of the building, and the distance of the building from the road, neighboring buildings, and the green belt. They also indicate whether the building is built according to the plans and whether it has been built in accordance with the local municipal authority regulations. It also contains details on the developer and the land identification.
Completion certificates are issued by a dedicated government authority. It inspects the property and goes through all the related legal documents.
