Laws Associated with registration of property transactions in India
Registration of the documents of sale and purchase of Immovable property is mandatory and guarantees conservation of signs, avoidance of fraud and assurance of title, 3 bhk flat for rent in kharghar.
3 bhk flat on rent in kharghar, the law of registration of documents is included in the Indian Registration Act, 1908. This legislation provides for the registration of various documents, to ensure conservation of evidence, avoidance of fraud and assurance of title.
Is property registration mandatory?
As per Section 17 of the Registration Act, 1908, all This effectively means that all the transactions of sale of immovable property need to be registered, 3 bhk flat on rent in kharghar, as no immovable property can be purchased for only Rs 100. Additionally, all transactions of gift of an immovable property, as well as lease for a period exceeding 12 months, will also be mandatorily required to be enrolled.
Come to the sub-registrar’s office, the sub-registrar may depute some of its officers to accept the documents for enrollment, 3 bhk flats in kharghar for rent, at the residence of this person. The term’immovable property’ includes buildings, land and any rights attached to those properties.
Process for property registration
The property documents that need to be enrolled, should be Submitted to the office of this Sub-Registrar of Assurances in whose jurisdiction the property, 3 bhk flat for rent in kharghar, that’s the subject matter of transport, is situated. The authorised signatories for the vendor and the purchaser, have to be present along with two witnesses, for registration of their files.
The signatories should carry their evidence of identity. 3 bhk flats for rent in kharghar, the The signatories also have to supply the power of authority, if they’re representing someone else. If a company is party to the arrangement, the person representing the company must carry adequate documents, like electricity of attorney/letter of jurisdiction, along with a copy of the resolution of their company’s board, authorising him to carry out the registration.
You need to introduce the property card into the sub-registrar, Along with the original records and evidence of payment of stamp duty. 3 bhk on rent in kharghar, before enrolling the documents, the sub-registrar will verify if sufficient stamp duty was paid for the property, in accordance with the stamp duty ready reckoner.
Note here that witnesses are quite important in the overall process. 3 bhk rent in kharghar, the two witnesses that you plan to present during the registration, will also need to set their identity in front of the sub-registrar. Additionally, their biometric identification will also be scanned during the procedure.
Time limit, fees for property enrollment
Records that have to be mandatorily enrolled, 3 bhk flat for rent in navi Mumbai, should be Presented within four weeks from the date of the implementation, along with the requisite fee. In case the time limitation has expired, you can create an application to the sub-registrar for condonation of the delay, over another four weeks and the registrar may agree to register such files, on payment of a good that may be up to ten times the initial registration fee. The registration fee for property records is 1 percent of the value of the property, subject to a maximum of Rs 30,000.
Before, the files that were presented for registration, 3 bhk in kharghar for rent, would be returned to you following a period of six months. But with computerisation of the offices of this sub-registrar, the files (bearing the registration number and evidence that the documents have been registered by the registrar) are scanned and returned to you about the exact same day.
Impact of non-registration of property
Failure to enroll the purchase agreement of a property, Could put you in a huge risk. 3 bhk flat in kharghar for rent, any document that is required to be registered but is not registered, cannot be admitted as evidence in any court of lawenforcement.
It’s pertinent to note here that unless you name is Mentioned in the government documents as the owner of a certain property, 3 bhk flat on rent in kharghar without brokerage, demonstrating the possession may not be possible. For this reason, property registration is essential to the buyer.
Owner runs the danger of losing the property, even if he’s in possession of the said property. 3 bhk flat for rent in kharghar by owner, in case the authorities were to acquire this property at any point, so as to come up with an infrastructure project, the proprietor would not be able to claim the compensation that is normally provided to land/property owners in such scenarios.
Online property registration
In most Indian nations, the buyer can complete a large part Of this property registration process on the internet. 3 bhk flat on rent in navi Mumbai, based on the state where you Live, you might avail of the online services, to part-finish the registration process.
But for the Last step, you Would Need to appear in the Sub-registrar’s office, 3 bhk flat on rent in kharghar, together with the vendor and two witnesses, to finish The trade.
After the documents are registered, 3 bhk flats in kharghar for rent, you Will Need to revisit This particular office, to accumulate your registered property documents.
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