Buying a property is a significant investment for a person, as much hard-earned money is put into it. It is important for the buyer to know the process of registering the property in his/ her name. It helps the buyer to gain legal rights over the property and avoid any disputes over the title. According to Section 17 of the Registration Act of 1908, all transactions involving the sale of immovable property for a value exceeding Rs 100, should be registered. All the transactions of sale of immovable property have to be registered, as no immovable property can be purchased for merely Rs 100.
Apart from the property's cost, you will have to consider the amount you will have to pay towards registration of your property. Both property registration fees and stamp duty charges can vary depending on the state where the property is located and the type of purchase. In most cities and towns in India, 1% of the property value is charged as registration fees. Apart from these charges, you will be charged cess and a nominal surcharge. Property registration fees vary from one state to another. It also depends on whose name the property is going to be registered. The state government gives a discount on the registration fees for women and senior citizens. The property documents that need to be registered should be submitted to the office of the Sub-Registrar of Assurances within whose jurisdiction the property, which is the subject matter of transfer, is situated.
Failure to register the purchase agreement of a property could put you at considerable risk. Any document that is mandatorily required to be registered but is not registered cannot be admitted as evidence in any court of law. The unregistered document can be impounded by the authority and huge penalty up to 10 times the original stamp duty fee can be imposed.
The registration of property in India has become quite simple with the new computerized system for property registration.
What are the documents required for registration of Sale Deed
To register a Sale Deed, the Seller is required to present the following documents:
The Buyer, on the other hand, is needed to present the following documents:
What if one fails to register the property transaction?
Property transactions that are not registered do not have legal validity. Unless a property is registered in your name, you are not its legal owner, even if you are occupying the space.
Can the sub-registrar reject my registration application?
The sub-registrar can refuse to register your property if:
Whether any person can write deeds and present for registration, shall that deed be legally accepted?
Yes. Any person executing an instrument, i.e., seller or buyer, can write any instrument of property transfer.