What Are The Important Things You Need To Know About Registration Of A Property?
So you have finalized your dream flats in Bangalore after years of search! What is the next step then? Undoubtedly, it is registering the property for unless you complete the registration, you will not have any legal rights over it and Mayland yourself in legal trouble later. To know the process, read on!
The legitimacy check
Before you proceed with the process, make sure that all the documents provided to you are authentic. Take the help of a lawyer if need to.
Stamp Duty
This is a form of tax levied by the state government on the registration of your property. There are different structures of stamp duties for different states. Check the rates that are applicable for your circle as mandated by the state government. Compare the circle rate with the actual price paid and pay the higher of the two values. The next step is to buy non-judicial stamp papers of the value arrived after calculation which can be purchased online or in-person.
This is when you have to get the deed prepared and typed on the stamp papers. Several States offer a rebate to women home homebuyers to encourage their ownership over the property. Apart from the stamp duty, you will need to pay an amount for registration which is generally calculated at 1% of the property value. Ensure that you have the demand drafts ready for the right amount before you proceed with the registration of your properties in electronic city.
Documents that you need
The documents that you need are:
I.D and address proof of the people involved in the registration
Passport photographs
PAN Card
No Objection Certificate for the property
Bank documents if the property is financed with a loan
Title Deed
Agreement to Sale executed by the seller and buyer
Approved Building Plan
Power of Attorney if any
Tax paid receipts
Encumbrance Certificate
Demand Drafts for payment of stamp duty and registration fee and TDS papers, if the property costs more than Rs50lakh.
Witnesses
The registration process for your flat in Electronic City requires witnesses from both the buyer's and sellers' side. They need to be present throughout the process. Make sure that they carry their identity cards.
Appointment with the Sub-Registrar
You need to make an appointment with the sub-registrar as the registration can happen only in his/her presence. A receipt will be issued to you upon the registration of your sale deed and a distinct number is assigned to the documentation.
Online Registration
Most states have now introduced a computerized process to register the property thus simplifying the process. You just need a form that you download from the website. However, the entire process cannot be completed online. After filling the form, you will need to submit it to your area’s sub-registrar. This completes the registration of your dream apartments in Bangalore.
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