Going To Register Your Property? Take Note Of These 8 Things
It is mandatory to register the sale deed under the provisions of the Registration Act, 1908. This is one process which is important as well as exciting for the buyer. While you might have already read a great deal about the process and must know quite well about it, we give you some handy tips that would help you complete the process with no hassle.
Let us look at that in eight steps.
Preparations: Day before, sit and keep all the documents that are required at the time of registry. Do not fiddle with them over and over. Your run the risk of losing the papers in case you are not careful. Before you leave the Office, make sure you collected all your documents.
Timings: The office of the Sub-Registration Magistrate operates between during 9.30 am and 6 pm on all working day. Between 2 and 2:30 pm is the lunchtime. Plan your day accordingly. Also check the timings for changes due to the COVID-19 pandemic.
It would only be better if you do not plan anything else for the day on which the property registration is to take place. Rest assured that your entire day will be spent here. Since it is absolutely important to you that all goes fine, keep your focus only on one thing.
Payment: Since all things are done digitally these days, stamp duty and registration charges are paid much before you actually appear in the sub-registrar’s office to register your property. Take a lawyer’s assistance to take care of this part of the transaction, too. It is only after paying stamp duty and registration charges that an appointment is taken at for property registration.
Documents: Along with the property document, keep close to you at all times your Aadhaar and PAN Card. In place of Aadhaar, you could also produce your voter ID card or driving licence or passport. These are the first things you will have to flash when the Teller, the Reader and the Sub-Magistrate call your name.
TDS: In case the deal size was of over Rs 50 lakh, the buyer will have to submit a proof showing he has deducted one per cent as TDS from the property value. Do not forget to keep that paper with you.
Witness: Your witnesses are quite crucial for the process to take place. They have to be present with you through the entire process and must have a valid ID proof along with them.Your witnesses should ideally be people you know well. Under no circumstances consider their role in the process as only academic.
No privileges: All are treated equally in the Sub-Registrar’s Office. There are, for instance, no separate queues for women or senior citizens.
Delivery: Typically, it takes 15 days for your documents to get registered. Your documents will be handed back to you only after you produce the receipt that was issued to you at the time of registration. In case you have taken a home loan, the bank might send its representative to collect the document. You could also collect the papers and give it to the bank yourself.