If
the value of the property is less than Rs 100, the registration of its sale
deed is not mandatory . So, all sale deeds need to be registered.
When
a property (Plots of Land, House) transaction happens, it is equally important
to get the transaction registered. Although, it may cost one some extra money,
it gives the property buyer legal security
Indian
Registration Act 1908..!
According
to the Indian Registration Act 1908, the purchase of a property should be
registered at the office of the registrar or sub - registrar of the district
within whose jurisdiction it is located.
The
registration should be done after the property buyer & seller have executed
the documents.
A
sale agreement should be registered with the sub-registrar of assurances within
four (4) months from the date of execution of the document.
In
case this is not done within the prescribed time limit, the property document
can still be registered within a further four (4) months after paying the
applicable fine.
After
eight months (8), the document can not be registered.
Before
registration of a property, the final sale deed should be prepared on stamp
paper of appropriate value (the prevailing rate of stamp duty in the state).
The documents should be executed by the property seller and buyer. Once
registered, the seller can not resell the same property to someone else.
In
case the sale agreement has not been registered, the property buyer should
prepare & execute a deed of confirmation and attach it with the original
document, which earlier could not be registered.
Thereafter,
he/she should register the deed of confirmation at the office of the
sub-registrar of assurances.
Nowadays,
several states have the provision of a prior appointment through the internet.
On the given date & time, the buyer should approach the sub-registrar's
office along with the seller & two witnesses.
The
document to be registered should be presented in original. Similarly, in many
states, e-stamping has been started, where the stamp duty is paid online
through authorised representatives.
The
documents should state the names of the parties, buyer & seller, along with
their full addresses, date of construction of the building being sold, its
area, description, address, etc.
Further,
a copy of the building's plan should be attached. In addition to the stamp
duty, the buyer should pay the applicable registration fee, copying fee, and
file charge.
The
registering office will issue a receipt to the buyer. The buyer & the
seller should be present before the registering officer, along with their
respective witnesses, in order to admit the execution of the documents.
The
buyer can authorise his representative to execute the document. The seller must
be present & transfer the title by signing the transfer deeds and all
appropriate documents.
Power of Attorney..!
The
parties may appoint a power of attorney (POA) to represent them on their behalf
& admit the execution of the documents. The buyer should then carefully
preserve the receipt issued by the registering office.
After
the prescribed period, the buyer can collect the registered documents
personally or / through a duly authorised agent, after production of the
original receipt at the registrar's office.
Once
the documents are registered, the buyer can apply for an extract of the
document from the office of the sub-registrar of assurance.
Under
the Transfer of Property Act 1882, property sale costing more than Rs. 100
should be registered.
If
the value of the property is less than Rs 100, the registration of its sale
deed is not mandatory . So, all sale deeds need to be registered.
For more details
No.100, Santhome High Road,
Chennai - 600 028.
Telephone: +91- 44 - 2464 0160
FAX: +91 - 44 - 2464 2774
E-mail: grivcell@tnreginet.net
Telephone: +91- 44 - 2464 0160
FAX: +91 - 44 - 2464 2774
E-mail: grivcell@tnreginet.net
Website: www.tnreginet.net
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