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What is Property Registration
A property needs to be registered for the purpose of sale, transfer,gift or lease in accordance with Registration Act,1908.As per Section 17 of the Registration Act, 1908, all transactions that involve the sale of an immovable property for a value exceeding Rs 100, should be registered.If someone doesn’t register a property while doing above mentioned transactions then the transaction cannot be proved in the court of law.E-registration of property has been made simple with LegalDocs.
Process for Property Registration online
Application: Fill information as per act on LegalDocs website to create a draft
Printing : Printing of the draft on stamp paper and signing of parties involved.
Scrutiny and Approval : Reply to queries raised by office and registering with the concerned authorities will be handled by us.All the parties must be present while registration of property at the sub registrar’s office.
Documents Required for Property Registration online
Along with the online filled form we need to attach following documents
- Identity proof of parties involved(Aadhar Card,PAN card etc.)
- Two passport photographs of parties involved
- Sale deed
- Power of authority in case the party is representing someone else.
- If the party is a company then power of attorney/letter of authority, along with a copy of the resolution of the company’s board, authorising him to carry out the registration,certificate of incorporation
- property card
- proof of payment of stamp duty and registration fee
Documents that have to be mandatorily registered, should be presented within four months from the date of their execution, along with the requisite fee. In case the time limit has expired, you can make an application to the sub-registrar for condonation of the delay, within the next four months and the registrar may agree to register such documents, on payment of a fine that may be up to ten times the original registration fee. The registration fee for property documents is 1% of property valuation, subject to a maximum of Rs 30,000.
Steps to take before Registering a property
An encumbrance is a thing which creates difficulty in transfer of property registration details from one owner to other for example outstanding mortgages, liens on real estate,unpaid property taxes etc.A buyer must check for any encumbrances on the property before buying and should get the property cleared from any encumbrances.This can be checked at the sub registrar’s office within whose jurisdiction the property comes.
- Chain of Documents:
Any buyer should check for all the chain of documents before buying a property.Chain of documents are the documents which specify when and how the property has been transferred from one owner to other.
- Payment of Dues:
Any property should be free from any dues like property taxes,electricity bills, water bills etc. It is the responsibility of the buyer to check this before registering the property.
- Preparation of Deed:
A draft of the deed(Sale Deed,Lease Deed,Gift Deed etc.) that needs to be executed must be prepared on which the details of all the parties involved and the property involved along with terms and conditions must be mentioned clearly before registering the deed.
- Stamp duty calculation:
Stamp duty is the fees charged by the government and it varies from state to state. Stamp duty is calculated on the basis of market value of the property involved.
After completing above mentioned steps execution of the deed takes place at the sub registrar's office under whose jurisdiction the property comes by signing or thumb impressions of the parties involved on the deed.
Advantages of Property Registration
Application for the mutation of the Title Deed:
Meaning of mutation is change in ownership of the title from one person to another.Due to mutation the new owner gets the property recorded in his name in the Land Revenue Department. This also enables the government to levy property tax from the right owner.
City Survey and Land Records Department is the governing authority on application for the mutation. After assessing the request for mutation, City Survey and Land Records Department decides the value of tax on the property and finally issues a letter of mutation in favour of the buyer.
Under Section 80C of the I-T Act, an individual/HUF assessee is eligible to a deduction of stamp duty, registration fee and other expenses for the purpose of acquiring a house. This deduction is from gross total income. The maximum limit of deduction under Section 80C every financial year is Rs 1 lakh.
A Registered Title gives a quick up-to-date official record of who owns the land and individuals do not have to do any research as to the history of the title to the land i.e. what in layman terms is ownership.
A Registered Title is state guaranteed. If you have suffered a loss of an estate of interest in land property information because of a mistake or omission in the register by the Registrar you may be able to get compensation.
Disputes regarding the ownership or rights over the land might be resolved more easily.
Once registered by plan each title is given an official plan of the land, and this can be used to prevent any encroachment by trespass on the boundaries.
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Property Registration Online FAQs
What are the documents required for property registration?
1. Aadhar card.
2. Passport-size of both seller and buyer.
3. Verified copy of the original old sale deed.
4. Copy of No objection certificate under the land ceiling Act.
5. Copy of the latest property register card.
6. Copy of Municipal tax bill.
7. Construction completion certificate.
8. Recorded agreement between the builder and original purchaser of the building initially.
How do I register my property for the first time?
1. Visit LegalDocs website.
2. Complete the application form by filling appropriate details.
3. A verification procedure will be conducted.
4. The applicant have to process for payment.
5. The registration number will be issued.
6. Later and acknowledgement receipt will be generated.