Register your property to become its legal owner

June 30, 2011 at 1:53 pm · Filed under Builder, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, Properties, Prospecting, Real esate, Real estate trends, Reality Firms, Repatriation, Residential Property, Selling ·Tagged agreement of sale, conveyance deed, home loan, indian property, Indian Real Estate, Indian Registration Act, lease, no-objection certificate, occupation certificate, original title, possession letter, property registration, property transfer, registration fee, residential property, stamp duty

You can become a proud owner and start living in your dream home once you make full payment to the builder or the seller by means of home loan. In spite of this, to become a legal owner of the said property, you must pay the stamp duty and the registration fees applicable for the bought. The stamp duty and the registration fees varies from state to state.
Registering the property is the final step of the agreement done between the buyer and the seller. It is basically a full and final contract duly signed by both the parties involved and as soon as this document is submitted at the local registrar’s office, the buyer becomes the legal owner of his dream home.
DOCUMENTS TO BE CHECKED
The documentation for the registration of a property differs on the basis of the sale made, i.e., whether the property is directly purchased from the developer or is it a secondary sale. If the property in concern is under-construction then the purchaser has to get the property registered in good faith. The document verification process can actually be vast and prolonged.
A financial institution or housing finance company perform the verification process with due diligence prior to giving the final approval for the project and the housing loan. This process gets less complicated in case of a secondary sale as the first owner of the property has all the required documents in place for the registration of the property.
If the concern property is previously under lien, then the mortgaging company has its own set plan. The key documents required for the registration process are a copy of the buyer’s PAN card, photo identity proof such as a copy of the passport or driving license, and proof of residence. Apart from these documents you also need two witnesses.
If the concern property is from secondary sale then you need have all the documents related to the property like original title, conveyance deed, agreement of sale, no-objection certificate, occupation certificate and possession letter from the existing owner of the house.
The document registration related transfer, sale, lease or any other form of disposal of a property are done under section 17 of the Indian Registration Act, 1908.
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