Property registration is the final
agreement between the buyer and seller. In India, registration of a sold
property is mandatory by law. The government and the law will not cover any
legal issues or otherwise faced by the owner if the property is not registered
in his name. The law will not recognize unregistered owners to a property even
if they have paid in full. This is specified by law to protect the land owners.
A person acquires rights to the property only after the sale deed is
registered.
The registration process of a property
happens at the respective Sub Registrar office of the locality in which the
property in question is located, be it rural or urban area. The following are
the procedures associated with the land / property registration in India.
Title
Verification:
Though not a mandatory process, it is
highly advisable that any prospect owner gets the title of the property duly
verified by a person practicing law. The buyer has the right to demand for the
photocopy of the documents related to the property for verifying the title by a
lawyer or a civil consultant.
In most cases, if opting for a home loan, the
bank or the financial institution will check the title and only then issue the
loan. If the title is not clear of issues, the loan will not be issued.
However, it is the responsibility of the buyer to authenticate his purchase
even before making the payment.
Sale
Deed:
The sale deed has to mention all the
specifics related to the property. If the land has any construction on it, the
exact specifics have to be mentioned at length. The preparation and attestation
of the Sale Deed is done on proper stamp paper by an authorized attorney. The
buyer will have to bear the stamp duty and the amount varies based on the
locality.
At
the Sub Registrar:
Locate the associated sub registrar office
with the help of the seller, developer or the person preparing the sale deed. Get
a prior appointment from the authorities and stick to it. These days, the
computerization means you are given a token number for your appointment. Do not
miss it at all costs!
Document
Submission:
A thorough verification of the documents is
done by the sub registrar and the registration process is followed to the T as
per the Registration Act of 1908. Post registration the documents can be
collected in person by the owner after signing a dispatch register at the desk.
If the owner is not present, a letter of authority (also attested) can be given
to a related person.
Title Mutation:
Once the registration is completed, the
title of the property becomes the property of the owner. The owner can then get
the title of the property transferred (or in this case termed as mutated) in
his name at the local Municipal authority.
Without the legal registration of the
property you will not be entitled as the owner so register as soon as the
payment is made.
About
the Author:
Frank is a retired service man who loves to
impart his knowledge on property investment through sites like indiaproperty.com
