What is Property Registration?
So you’ve found the place you want to buy or found a buyer for your property, so you get an agreement prepared. There is no underestimating this document, given the large sums involved in property deals. This agreement will cover comprehensively the terms on which the sale will take place, the conditions, and the date on which the sale will be completed. But what next? Once this document is signed and executed, it needs to be stamped (and the duty needs to be paid). Together, this constitutes the property registration process.
Procedure for Property Registration
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We will assign you expert lawyers who will estimate the value of the property and calculate the Stamp Duty. The lawyers will also make an appointment at the registrar’s office.
At the appointed date, the lawyers will accompany you to complete the Registration of the Sale Deed at Registrar/Sub Registrar’s office and also collect the registered documents from the Registrar’s office.
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FAQs on Property Registration
What are the costs involved?
You would need to pay stamp duty as well as registration fees, both of which are calculated on the value of your property. Costs vary significantly from one state to the next, with some states even factoring in even the gender of the applicant.
How is the stamp duty calculated?
Stamp duty is a percentage of the transaction value. In Delhi, for example, stamp duty is collected at 4% of property value in the case of a woman and 6% in case of a man.
Do I need to come in person for registering property?
Yes, you would need to be there in person for the property registration. You would also need two witnesses to be present.
How many days will it take for registering the property documents?
The property will be registered that very day, but it could take a week to get all the documents in order.
In which place is the registration process carried out?
The registration takes place at the office of the Registrar or Sub-Registrar.
Do I need an Advocate for obtaining Registration of Property?
You don’t need an advocate, but it’s best to have a professional go over all the documents and assist you in the registration process.