8 Things To Keep In Mind While Registering Your Property

If you are like any other home buyers, then you too are making one of the biggest decisions of your lifetime by investing in a property that you deem fit. This future property that you are soon going to own will be bought with your hard-earned money, and let us not even get started with the amount of decision-making that will go into the entire process! 

No matter how prepared and confident you are about finalizing the property, the end of your home buying process will get slightly emotional when you realize that you are finally going to be the owner of your dream home. Amidst a flow of emotions and feelings, you are bound to want to rush all the paperwork and get done with everything as soon as possible. However, you need to be conscious of the fact that if even one step or decision goes wrong, you might regret it for the rest of your life. 

One of the many qualities of a wise home buyer is to ensure that smart decisions are made at every step of the way. Especially when you are verifying and checking documents related to the property as well as when you are registering your property, making the right decisions is a must. 

Under the provisions of the Registrations Act, 1908, every home buyer must register their property as soon as they take possession of the land. You are required to register the sale deed to be known as the legal owner of the purchased property. 

For those of you wondering, a sale deed is one of the most important legal documents that govern the registration of a property. Neither the buying nor the selling of the property is complete without the presence of a sale deed document. This needs to be signed by both the buyer and the seller in front of a minimum of two witnesses. 

Now that you are aware of one of the most important documents needed for you to get your property registered, we also want to ensure that you experience a hassle-free process and do not have to go through the unnecessary burden of not knowing what to do and when to do it. For the sake of convenience and a seamless property registering process, here are a few important pointers that you need to keep in mind when registering your property - 

Things To Keep In Mind During Property Registration

Property and Builder Credibility 

Whether you buy a flat or an apartment, a villa, or a vacation home, check and recheck all the documents. There should be no document missing and all the documents should be original. Do not tolerate any irregularities in any of the property documents. It is as important to check the credibility and accountability of the developer as it is to verify the property documents. Ask around, and conduct your due diligence to ensure that the long-term agreement you are getting into is not fishy. Go on the internet, search for reviews of the builder, and also glance through the completed projects delivered by the developer. 

Personal Identification 

Every step taken in the real estate market today requires buyers, sellers, builders, and every other player to prove their identity. Your relevant information and history will be checked in the form of a PAN Card, driving license, aadhar card, and passport size photographs. Keep them handy at all times to avoid any delays in the registering process. 

Preparation of Sale Deed

As mentioned earlier, the sale deed is the most important document required for registering your property. The document is created with a lot of care and requires ample time from both parties. Both the attorney of the buyer and seller create this document after multiple sittings, ensuring that all terms and conditions in the document have been approved by everyone involved in the proceedings, i.e. the buyer and the seller. The sale deed covers a variety of information like the sale of property, date of possession, transaction, power of attorney, and much more. 

Important Documents 

We already know that written documents are the norm in the real estate industry. No work, especially property registration is complete without submitting various legal documents. To avoid being all over the place on the day of registration, take out time to collect and collate all property-related documents beforehand.

Note that the property registration process is not informal and no registrar's office will go ahead with your registration application if even one of the needed documents is missing. In this situation, it is best to not take this situation lightly and get everything right on the first attempt. 

Witness Availability 

The individual who is looking to get the property registered needs to be physically present at the registrars' office. Apart from that individual, there also need to be two witnesses present at the scene for a smooth process. 

Approvals and Licenses 

Multiple properties and location-related certificates and licenses have to be checked before you move on the property registration process. Do this yourself or get it done by your lawyer. It is better to spend time scanning and verifying stacks of approvals rather than being sorry after you have registered the property in your name. A few of these certificates include - 

- Commencement of work certificate

- Environmental clearances 

- Verification of land use 

- Approval in the form of the city master plan of the plot 

Stamp Paper 

Stamp duty differs from state to state. It is calculated based on the circle rate and the differing stamp duty from time to time. Another crucial factor that goes into calculating the stamp duty charges is the total value of the property in question. The stamp duty needs to be calculated keeping all the variable factors in mind and the non-judicial stamp paper needs to be procured and presented at the time of property registration. 

TDS

TDS stands for Tax Deducted at Source. For transactions that exceed Rs. 50 Lakhs, 1% TDS gets deducted from the total property value. At the time of property registration, the buyers have to present this particular document as well. Not many people are aware of the importance of the TDS certificate but it is vital to take this along with you when you are getting the property registered. 

A detailed understanding of the property registration process is a must for all kinds of home buyers. If you are well researched and prepared with all that there is to know about registering your property, you are guaranteed to be saved from untrusted mediators or brokers. Even though the practice of scamming buyers has now significantly reduced, your lack of knowledge can easily get you trapped into a deal that may not even be legit. 

An often neglected but extremely efficient tip is to reach the registrars' office before time. If possible, keep your schedule clear for the day and do not entirely rely on the timing that has been given to you. Slight delays are fairly common and sometimes, registering your property can take a whole day and so, you need to be prepared just in case. In India, the registrars' office is open on working days from 9 am to 6 pm. 

For your information, it takes around 15 days for your property documents to get registered. Once you submit the receipt given to you at the time of registration, all documents will be handed back to you. In the case of a home loan, you can either send a bank representative to collect all documents, or you can do the work yourself. 

For more insights into property registration, you can also check out the frequently asked questions on this topic by buyers. Lastly, for ensuring that your property deal is legit and the one that you deserve, find the right real estate provider today. 

So, now all you have to do is make all the preparations, get all your documents ready, and be well on your way to becoming the legal owner of your newly registered property! 

Also read: A Step-By-Step Guide to Property Registration Process in India