Property registration!!! The last and final step in buying the property. It is as tedious as it sounds exciting. The process of changing ownership is challenging. Prospective buyers of real estate must be aware that there are fees associated with the transfer of ownership, including stamp duty and registration fees. Before registering or when executing the deed for which the stamp duty is due, you must pay the applicable stamp duty. So, generally speaking, you either pay the stamp duty before the day on which the deed is executed or on that day.
A person of Indian origin, an NRI, or a citizen of India may buy immovable property. According to section 17 of the Registration Act, of 1908, property or land registration in India is governed. The main goals of the law are to maintain accurate property/land records and ensure that all transactional information is accurate.
The property registration process involves making a stamp duty and paying the requisite registration fee for the sale deed and having the documents legally recorded with the sub-registrar of your area. The process varies based on whether the property is directly purchased from a developer or whether it is a secondary sale of the property. In the latter case, the process may involve stamp duty and registration of the transfer deed.
Before knowing the property registration process, we will see
Stamp duty is a type of tax assessed on every transaction through which people acquire or release any right or obligation. Documents on which stamp duty is due include sale deeds, gift deeds, partition deeds, conveyance deeds, powers of attorneys, and lease deeds. Stamp duty is a significant portion of the costs associated with registering property in real estate.
Stamp duty is governed by the Indian Stamp Act and the Registration Act. When transferring ownership of a property, the buyer must pay the state government stamp duty and registration fees. As a state tax, rates differ from one state to the next. Most states calculate stamp duty and registration fees as a percentage of the total transaction value. States frequently charge higher stamp duties for urban areas and provide refunds to female homeowners to encourage their possession of the family’s holdings.
Verification of the property’s title
Estimation of the value of the property
The process of making the stamp papers
Preparing the sale deed
The payment of the registration fees and stamp duty
Approach the Sub-Registrar
Submit your registration documents.
Only after the document is registered does it acquire legal status and, if applicable, transfer ownership to the appropriate owner. Simply put, only if an agreement between the lender and the loan applicant has not been registered will a notice of intimation be filed. Within 30 days of purchasing the property, this intimation notice must be sent.
The cost of stamp duty, which is assessed when buying real estate in the State, has once again been reduced by the Karnataka government. As a result of this announcement, properties in Bangalore priced between Rs 35 lakh and Rs 45 lakh will now be subject to a three per cent stamp duty. Properties costing more than Rs 45 lakh will continue to be assessed at a five per cent rate. Registration fees won’t be changing, according to the announcement.
Well, the above mentioned details are the basic info regarding the property registration. one key tip is, always check for the documents personally, and congratulations on your new property registration .
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