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.
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. Please plan your day accordingly.
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 fees are paid a lot before you actually appear in the sub-registrar’s office to register your property. Take the assistance of a lawyer to take care of this part of the transaction, too. It is only after the payment of stamp duty and registration fees that an appointment is made for the registration of property.
Documents: In addition to the property document, keep your Aadhaar and PAN card close to you at all times. You can also produce your voter ID card or driving license or passport instead of Aadhaar. These are the first things you’ll need to flash when the Teller, the Reader, and the Sub-Magistrate call your name.
TDS: In the event that the size of the deal exceeds Rs 50 lakh, the purchaser will have to provide proof that he has deducted one per cent as TDS from the value of the property. Don’t forget to keep the paper with you.
Witness: Your witnesses are crucial to the process. They must be present with you through the entire process and must have valid ID proof along with them. Ideally, your witnesses should be people you know well. Under no circumstances do they consider their role in the process to be academic.
No privileges: All are treated equally by the Sub-Registrar’s Office. There are, for example, no separate queues for women or senior citizens.
Delivery: It usually takes 15 days for your documents to be registered. Your documents will be returned to you only after you have provided the receipt that was issued to you at the time of registration. In case you have borrowed a home loan, the bank may send a representative to collect the document. You could also collect the paperwork and give it to the bank yourself.