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.
Join atOnePlace as a Agent. Be an associate and increase your business
Latest Residential Deals on Indian Property
Free Legal Advice for Indian Real Estate
Posts Tagged lease
Register your property to become its legal owner
HNIs, NRIs escalating demand for high-end homes
The Indian real estate scenario is experiencing an abrupt surge in the overall demand for high-end homes. Amid the exclusive aspects following this surge in demand is the increasing number of NRIs returning, first generation industrialists who are booming in their new set-ups, startup organizations and multinational companies employing emigrants for their growth in the country. Contrasting the previous scenarios, it is the buyers who are controlling the real estate sector now.
The demand mainly is around parts of the country where vast piece of land area is available thus making it promising for builders to provide an all-inclusive array of amenities that have not been heard about in any such housing project.
The demand from corporates for accommodation for emigrant employees has also called for the requirement for high-end homes constructed with international standards which these expatriate are used to. Apart from this, the corporates are also eager to pay lofty rentals for such properties to offer the precise ambience for such employees during their tenure in the country.
The boost in demand for such homes is majorly coming from the IT sector because of the improved connectivity levels and the accessibility of high-end homes in parts nearer to MNCs. In Bangalore, quite lot of villa projects are speeding up the construction process which are estimated to be around the price range of Rs 1.5 crores and a few more are coming up in proximity to Whitefield and Old Madras Road which is another indicator to the spurt in demand for high-end projects.
One of the biggest reasons behind this spurge is the keen interest of the investors who are keeping a tab on the rise in demand for high-end homes and the resulting rentals. Wherever enhanced connectivity options are visible and the vicinity is good enough, the demand keeps on increasing for such homes in the country.
Developers who are developing high-end homes state that most of the queries they get are from businessmen, senior corporate executives and high net worth individuals. Some of them are even keen to invest in a second home. Expatriates are also interested in buying such homes but due strict documentation laws, they normally choose to go for a lease rather than out-and-out buy.
As per the ruling of the Foreign Exchange Management Act (FEMA), nationals of foreign origin who are residing in India can invest in only one residential property once they get sanctions agreed upon by the concern authorities like the State government.
Foreign diplomats can buy and sell any property other than agricultural land, plantation property and farmhouse in the country with aforementioned approval from the Government of India. The payment should be made only through foreign inward remittances by the means of normal banking channels.
Join atOnePlace as a Agent. Be an associate and increase your business
Latest Residential Deals on Indian Property
Free Legal Advice for Indian Real Estate
A Basic Checklist For Safe Property Buying and Investment Planning
1. First, check property’s title related issues. Be careful of development structure where title cannot be secured, either individually or collectively to a society, once possession of the premises is delivered. Please note that a sale under a power of Attorney is legally questionable.
2. Make sure that the property’s construction complies with applicable laws by asking for certificates such as completion, occupancy and NOC from right authorities. Also check for any disputes or litigation.
3. Check for access and entrance points to the premises, existence of real estate management entity, maintain and security, adequate electrical load, back up electricity supply, right to install equipment on terrace.
4. If the investment is in a unit (office/shop, and not the entire commercial space),unit holder should procure equal right against other owners of the premise, ensure payment of rent with minimum involvement from other owners, ensure provision exists whereby termination of lease is with unanimous consent of all unit holder, have ability to sell/mortgage the unit.
5. Check and pay appropriate stamp duty and register the sale deed with in 4 months of execution.
6. If you need help, choose someone reliable and expert. Always verify claims made by builders or dealers and take second or third opinions before taking a decision. Never take anything for granted as property dealings involve huge capital investments.
Small real estate agents can close more transactions by offering best services in investment consultancy, insurance, real estate settlement and escrow services. You may be specializing in commercial real estate, or residential. Look around your city or locality, you can execute highly sophisticated transactions operating outside the bureaucratic constraints of a large company. Big competitors really cannot move at our speed.
Property business in India is drowned in paper work, and you have to make a commitment as a firm, much like builders and developers. Listening is the key to doing business, and finding common ground is incredibly important. Many people ask here if they should get into real estate brokerage and the simple answer is “We don’t know” – only because we don’t know if they can work as hard as the successful ones do.
Remember, most owners and buyers like to work with experienced and trust-worthy agents to enhance their chances of successfully negotiating a home purchase or sale. Your reputation can be a critical factor in getting deals regularly. Unfortunately, there are some real estate agents whose wrongful activities make the entire community suffer.
This is what a property owner has commented about property agents – “I will never use a real estate agent to sell or buy property. I have in every case been either ripped off or not told the full truth about a property that I was interested in. And as far as I’m concerned, if their lips are moving, they’re lying.”
Another angry home buyer has this to say – “In my opinion the property agents are a bunch of crooks, they manipulate the price of the houses to keep themselves in jobs and drive expensive cars. They are the people who sell houses to foreigners/NRIs and jack up the prices. They keep encouraging people to sell and resell their houses to raise the house prices.”
Getting a reputation of high integrity and ethical conduct will serve agencies well. Exhibiting any practices that are not highly ethical will most likely cause owners, builders, other dealers or brokers to hesitate or refuse to do business with you. It’s impossible to serve the client properly if the broker on the other side of the transaction is suspicious of you.
Get more information about the propertie in India at http://www.atoneplace.com
You can view the properties online on the First Realty TV — http://www.atoneplace.tv
Blog at One Place 