Now is the right time to invest in a property in India. The prices are low, transparency is rising and the market is going to be more regulated. So, when you have made up your mind to buy a house, it is essential to get acquainted with the registration process. Without the property registration, owning any property is illegal and invalid. The seller remains the owner until the buyer registers it. So, let us see what you need to do legally to become the owner of the property.
1. Check the property papers
Before buying any property, it is essential that you check the legal papers of ownership of the property. Only the person who is the owner on the papers can sell the property. The property must be transferrable and there should not be any dues of any kind. Check the No Objection Certificate from the seller. If a person tries to sell a property, not under his name, both the seller and buyer can get into the legal complications.
2. Draft the agreement
All the paperwork from the seller side are verified, it is the time to draft the deed of the transfer of the property. Get the assistance from a good legal practitioner to avoid any discrepancies. Do not show haste in drawing this agreement, this may take even about a week. The agreement should be such that both the buyer and seller agree to the conditions.
3. Pay stamp duty
This is the most crucial part of property registration. The stamp duty is to be paid as a percentage of the property value. This percentage varies from state to state and amounts to a huge money. One need to keep aside the stamp duty in advance because no stamp duty means no property. It is the legal proof of the transfer of the property. Read this blog to know more.
Both the parties now have to go to the sub registrar’s office with all the proof of identification and other required documents. Also, there is a need of two witnesses who sign and seal the deal. The registration fees also need to be paid after which the registration process is done.
5. Title deed mutation
The revenue department is now informed about the transfer of the ownership of the property. The process is called mutation. The documents to be submitted are mutation application form, affidavit, xerox of the registration certificate and an indemnity bond. The total tax on the property is determined by the concerned authorities and the property mutation process is completed. This is the final step of property transfer.
The process is simple but you need the expertâ€™s guidance throughout the process. It is mandatory by Section 17 of Indian Registration Act, 1908 to get the property registered. The legal matters should not be handled in the absence of the lawyer. It is the proof of the ownership, the proof that you spent your lifeâ€™s savings on the property, do not take risks by being careless. The papers in your hand imply the previous owner cannot back out of the deal in the case of any dispute. If you need further assistance on buying and selling a property in Jaipur, please contact us.