Registering the property is a vital part of the home buying process. When it comes to the steps involved in purchasing a property, registration is one that is probably the most complicated in nature.
Section 17 of the Registrations Act, 1908, has made it obligatory to register any transaction you make towards purchasing an immovable property if it is rated more than ₹100. Thus, buying a home always needs registration of the property at the sub-registrar’s office.
When you have to register property Mumbai, it comes with a barrage of several legal complications and paperwork. There can be no room for mistakes when you register a new home and it is extremely vital that any home buyer needs strictly adhere to the current rules and regulations to prevent getting into trouble later.
The legalities and paperwork that come with the home registration process in Mumbai can prove to be extremely confusing to first-time home buyers. Therefore, it is always recommended to take assistance from an experienced broker or a real estate agent. You could also decide to hire a lawyer to make sure that you have a smooth and issue-free flat registration process.
You need to make a checklist of all your property registration documents. Without getting all the documents in place, the procedure of buying a new home is not finished. Here is a step-by-step guide to registering property in India and becoming the lawful owner of your residence:
Step 1: Calculate the value of your property as per the circle prices in your area.
Step 2: You have to now observe the difference in the circle rate with the actual price paid. When it comes to paying stamp duty, the higher of the above two prices would be relevant.
Step 3: You will now have to purchase non-judicial papers of that amount that you reached after the estimation.
Step 4: The stamp papers can be bought in person or online. You can purchase these papers from licensed stamp vendors, whereas e-stamps can be bought online. Stamp duty can be paid via the Collector of Stamps or proof requires to be submitted, if it is already paid.
Step 5: Now, you have to get the deep made and entered on stamp papers. The subject matter changes as per the nature of the transaction, which could be a sale, mortgage, lease, power of attorney, and so forth.
Step 6: Now, the transacting parties need to visit the Sub-Registrar’s Office in order to get the deed registered, along with two witnesses. Every person involved in the process needs to have their photographs, ID documents, and so forth. An original copy of the deed, along with their two photocopies, needs to be kept ready.
Step 7: After the sale deed gets registered, you receive a receipt. Approximately two-seven days after that, one should again visit the Sub-Registrar’s Office to get the sample deed.
Step 8: Once you have got the original deed registered, you can also get the same certified by making use of the registry details and the date from the Registrar’s Office.
To sum up, these are eight steps you need to follow in order to get your property registered. Start the home buying process by taking a look at the extensive line-up of the best properties for sale MMR on IndexTap.
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