Property Registration : Points To Remember
Registering the documents related to the transfer, sale, lease or any other form of disposal of a property is compulsory by law under section 17 of the Indian Registration Act, 1908. The registration of an agreement to buy or sell a flat in Maharashtra is compulsory under Section 4 of the Maharashtra Ownership Flats Act, 1963.
Points to Remember:
- Once a property is registered, it means that the person in whose favor the property is registered if the lawful owner of the premises and is fully responsible for it in all respects.
- Registering the documents relating to the transfer, sale, lease or any other form of disposal of a property is compulsory by law under section 17 of the Indian Registration Act, 1908.
- The registration of a property involves adequate stamping and paying the registration charges for a sales deed and having it legally recorded at the sub-registrar’s office.
- If the property is purchased from a developer, registering the property amounts of an act of legal conveyance. If it is the second of third transaction for the property, it could involve a duly stamped and registered transfer deed.
- The process is now computerized in most states
- The documentation will vary depending on whether the property is being transferred from the developer or if it is a secondary sale
- If the property is already under lien, then the mortgaging agency will have its own format. The mortgaging bank will require an NOC from the housing society in a prescribed format. It would then initiate the loan disbursement, depending upon the repayment eligibility of the purchaser.
- There are various costs involved, and these vary from state to state. According to state, it can vary from 3-8%, again depending on exact location and registrar jurisdiction.