5 REASONS TO KEEP IN MIND BEFORE REGISTERING YOUR PROPERTY

When one is looking to register a property in Chennai, or anywhere in India, they have to be guided by Section 17 of the Registration Act 1908. This act aims at ensuring that all transactions regarding the said property have all the required information and that all legal records for the property are maintained. In this article, we bring you invaluable real estate tips to help you execute the transaction smoothly. Registering a property in Chennai can be time-consuming and difficult and these real estate tips will help prove most useful.

The credibility of the property and the builder are important considerations. Whether the property is a bungalow or a high rise building, it is important to ensure that the documents are in perfect order with no irregularities. The credibility of the builder and the company are important too. One has to ensure that they conduct due diligence to avoid any untoward incidents in future.

So, whenever you wish to sell or buy a particular property it would be best to check to see if these documents are available and if they are all in order.

1.  Sale Deed in present seller’s name

2.  Tax paid receipt – latest

3.  No outstanding loans against the property should be pending. A banker’s statement regarding loans if any taken against the property verifying that there are no pending loans.

4.  Encumbrance certificate from date of purchase of the property till date.

5.  Current or latest electricity bill payment receipt.

6.  Sale Agreement and construction executed by a developer in favour of seller.

7.  Sanctioned building plan in the case of apartments along with occupancy certificate from the builder.

8.  Khatta  / Patta Certificate of the property

9.  All title documents of the landowner

10.  If this property is being resold then copies of all previously registered agreements are required.

11.  A Power of Attorney, in case one exists.

12.  In case of apartments, a photocopy of Society share certificate and Society Registration Certificate.

       I. Apart from these, there are other requirements that one should keep in mind and provide for which are enlisted here:

1.  In addition to documents pertaining to the property, one should also produce a personal identification in the form of copies as well as originals of either their PAN card or Aadhaar along with passport photographs.

2.  A Demand draft for the exact sale value of the property along with the stamp duties and registration charges. These could be varying from one state to the other.

II. Hiring a Lawyer:

This is one of the most important steps in this process and the lawyer will help you in doing due diligence and ensure the genuineness of the seller and the documents thereby relieving you of worry and stress.

 III. Preparing for the Big Day:

Do not wait until the day of the registration to collect all relevant documents. Preparedness is key to the success of the registration of your property. One day before the actual day, keep all documents ready and in a neat file or folder without fiddling around with them. Be careful to not lose the papers and when you leave the office of the registrar ensure you have taken back those documents that have to remain with you. Do not have anything else charted out for that day and keep yourself completely free since you will surely need an entire day for the procedures.

 IV. Timing of Registration offices:   

The office of the Sub-Registrar (where you need to register your property) normally operates from 9.30 A.M till 6 P.M. And there will be a brief one hour lunch break. Making proper plans for you and preparedness will help you.

V. Payment:

With digital transactions much more is possible online today. You may pay the stamp duty and the registration charges online and can also be done before the actual day when you appear before the registrar. The appointment with the registrar can be obtained only after the charges are paid.

 VI. TDS deduction:

In case of deals that are of Rs.50 lakhs and above the buyer needs to submit a proof that he has deducted one percent as TDS from the property value and he needs to show this paper at the time of registration.

Follow these real estate tips meticulously for a smooth transaction during the purchase or sale of your property and you will have nothing to worry about!