We all know that the registry of the property is the last step to own a house. Only after completing the due diligence set by the registrar office the complete transfer of property under your name takes place. The apartment is registered at the registrar office which is located in every state.
Here are the documents you need to take along with you for the registration process:
- Sale Deed or Title deed or Mother Deed or Conveyance Deed
- Records of Rights and Tenancy Corps or 7/12 extract
- A receipt showing the payment of stamp duty as per the market value of the property.
- Income tax clearance certificate
- NOC (No Objection Certificate) as per the Urban Land Ceiling Act
- Katha Certificate and Extracts
- Mutation Register Extracts
- JDA or Joint Development Agreement
- Photocopy of all the previously registered agreements (applicable in case of resale property)
Process of Registration:
The registration of the property is to be done within four months after the execution of the sale deed. As per section 17 of the Indian Registration Act, 1908, the property registration is mandatory in India. It is the duty of the Sub-registrar office to register the property and to preserve and maintain the documents.
The following points illustrate the process of registration:
- The first step is to get all the aforementioned documents in place.
- Next, you need to submit the entire document as well as the input form at the token window and take the token number.
- Once your token number is announced. All the parties to the documents must be present before the sub-registrar for execution of the documents. The documents must be photographed; the thumb impression and signature of the parties are taken on another paper in front of the sub-registrar.
- Post this process you need to submit the registration fees and computer service charges in cash.
- All the documents once verified by the registrar office are returned to you.
- Once the registration process is over, you can initiate the process of mutation. Mutation of the property allows you to pay property tax to the government.
The Expenses Incurred During the Process of Registration
The major expenses involved during the process of registration include registration fees, stamp duty, lawyers’ fees, document writer fees and other miscellaneous charges.
The stamp duty, documenation charges depend on the cost of property and hence, it varies from property to property and person to person respectively. However, the government has set a limit for the document writers.
Usually, registration charges are 1% of Total Property Value mentioned in sale deed. You can reduce the registration charges if you register in the name of a woman.
Points to Remember
- Get the True Market Value done before hand.
- Registration must be done within four months after making the sale deed.
- If there needs an extension, file a request with the district registrar. But this might cost you an extra.
- Pay your seller of the apartment on the day of agreement, never before the registration.
- The stamp papers must be in the name of one of the parties who signed the deed documents.
- Carry the original documents as you can photocopy them as per the requirement.
Apartment registration cost is calculated as per the value mentioned by the builder or seller. Try to do your research regarding the price and the extra charges. Because registration amount though minimal when compared, will surely be a pinch. Plan your budget so that you can pay the down payment, the stamp and registration charges in cash, as the nationalized or privatized banks provide loan only on the property value. But you can always look upto NBFCs if you need more amount of loan on the property, provided you have the essential documents.
You can always rely on us,Loanyantra Team, for your your complete home loan process.