The new policies and regulations related to Real Estate have brought some considerable positive changes in the arena of sale and purchase of the property. Moreover, the computerization of the registration system has made the process quick and efficient, and have eliminated the role of a middleman.
If you are confused about the process of Property Registration in India, then keep reading our simple Six Step Procedure:-
The first and foremost step is getting the property verified. The buyer must be having all the adequate knowledge about the actual owner, and if the purchase is being made from a developer, then all the legitimate documents and details of the project must be handed over to the buyer for verification purposes. There is an obligation for the buyer to follow the verification process.
- Value Estimation
After verification, the value of the property is estimated by a professional, keeping in mind the circled value in the area. The stamp duty price will be paid according to the value of the property, hence making this step quite crucial.
- Preparing Stamp Paper
Once the value has been estimated, the preparation of the stamp paper begins. For this, there is a need to calculate the price of the stamp duty, that will be ultimately paid. The non-judicial stamp papers used for this purpose can either be purchased online or from a licensed stamp vendor.
- Preparing Sales Deed
Now it is time for getting the sales deed prepared. Also known as Conveyance Deed, a Sales Deed consists of all the detailed information about the consideration for sale as well as the original ownership. The main and authentic proof of ownership is established in this deed, in order to enable the buyer to sell it in future, if need be.
- Registration of Stamp Paper and Deed
After the stamp paper, as well as the deed, is prepared, the buyer needs to get both of them registered. For this, the buyer must visit the Sub-Registrar Office, along with the seller, and two witnesses. All of them must carry original deed and two photocopies, along with their photographs, identification proofs, etc.
After submitting all the relevant documents, the buyer receives a receipt and have to approach the office of Sub-Registrar after 7 days, in order to collect the original deed. The details must be cross-checked while doing so.
And now the property has been successfully registered and the buyer has become the legal owner. With some changes, this process has been simplified and people do not need to fret when it comes to registering their property now.