Legal Aspects of the Properties

Legal Aspects of the Properties
Property Registration, Transfer & Attorneys Process
Registration means recording of contents of a document with a Registering Officer & preservation of copies of the original document. The documents are compulsorily registered for the purpose of conservation of evidence, assurance of title, publicity of documents & prevention of fraud. Every document, which is to be registered, should be presented at the proper registration office by the concerned person himself/herself, or the representative or the agent of such a person duly authorized along with witness & appropriate registration fee. The payment of proper Stamp duty on instruments bestows legality on them. Such instruments get evidentiary value & are admitted as evidence in Court.
Property Registration in India ensures the ownership rights to the person in whose name the property is registered. The entire process of land registry or house registry can be quite a nuisance if you do not have a real estate attorney briefing you about the legal formalities and documentation procedures to be followed. You will find many private service lawyers or government attorneys who can advice you on the legal matters. One place to get info on these would be our website www.RealtorIndian.com where we give you listings of top home registration attorneys in India and other would be the registration and attorneys directory available at the local registry and revenue office.
All kinds of property registration and firm registration in India are done at the Sub Registrars office that also holds all records of any previously registered property in India.

The exact process includes 6 steps:

Step 1: Search the Property Registration
The property location, legal ownership document, date of purchase of the title, property transfer and inheritance issues, if transferred the legal authority of the transferee, clearance certificate from urban land ceilings authorities, payment of all dues like property taxes, electricity and water bills and any previous alterations in the property registration are the points that require careful scanning.

Step 2: House Registration Agreement
This process takes place at the Local Stamp Duty Office / qualified document writer’s office and should be made on stamp papers with some advance paid to the Vendor and specific time period shall be finalized for registration.

Step 3: Preparation of Property Sale Deed
This is done by an authorized house registration attorney on behalf of the purchaser. The final deed is printed out on a green paper with stamp duty stamp affixed on it. This involves a fee of 1% of the property value and might take 7 days again.

Step 4: Final Registration
The house registry or land registry is then stamped, executed, and finally registered in the presence of seller, buyer and two witnesses at the office of the SUB Registrar of Assurances with appropriate stamp duty to the market value of the property.

Step 5: Submission of Documents
The completed home registry is then submitted to the Reader of the Sub Registrar of Assurances for scrutiny. Then at the payment of 1% of the transaction value, the documents are presented before the Sub Registrar. The seller then hands over possession of the property to the buyer. The documents are handed over to the buyer within 30 minutes of submission of the payments receipt.

Step 6: Mutation of the Title of the Property
The purchaser now has to apply to the local Municipal Authority to get the title of the concerned property mutated in his favor with all the relevant documents that your Real estate attorney would guide you about. The Municipal Authority then assigns the property value for levying property tax and then issue a letter of mutation in favor of the purchaser.

    REGISTRATION OF DOCUMENTS
  1. What is registration?
  2. What type of documents can be registered & what are the requirement criteria’s for registering?
    *A. SALE DEED
  1. Stamp duty and transfer duty @ 6% if the vendor is a woman and @ 8% if the vendor is a man.
  2. Registration fee of Rs. 101/- per document.
  3. Both vendor and vendee to be present along with identification documents i.e. Pass Port, Epic Card, Ration Card, Driving License etc. at the time of presentation.
  4. Two witnesses along with identification documents need to be present during presentation of documents.
  5. Services of advocate or any intermediary is not at all required for registration of any of the documents.
    * B. General Power of Attorney / Special Power of Attorney.
  1. GPA can be registered only alongwith agreement to sale except in case of blood relation. Duty equivalent to registration of sale deed needs to be paid in case of GPA other than blood relations.
  2. GPA between blood relations can be registered with stamp duty of Rs.100/- and registration fee of Rs.4/-
  3. Two witnesses along with identification documents need to be present during presentation of documents.
    * C. WILL.
  1. No stamp duty is required for registration of will.
  2. Registration Fee is Rs.21/-.
  3. The Testator along with two witnesses need to be present during presentation.
    * D. Conveyance Deeds.
  1. For conversion of lease hold property into free hold property, duty @ 8% in case of men and 6 % in case of women has to be paid through Collector of Stamps/SDM.
  2. Registration fee of Rs. 101/- has to be deposited at Sub-Registrar office at the time of registration.
    * E. Gift Deeds.
  1. The property being gifted has to be valued by an approved valuer.
  2. Stamp duty @ 8% and Registration Fee of Rs. 101/- has to be paid.
    * F. Share Certificates.
  1. Stamp duty @ of Re.1/- for every one thousand rupees or part thereof of the value of shares has to be paid at the office of Collector of Stamps/SDM
  2. GPA between blood relations can be registered with stamp duty of Rs.100/- and registration fee of Rs.4/-
  3. Two witnesses along with identification documents need to be present during presentation of documents.

Check list to buy a property
Property acquisition processDocumentation is an essential and complicated part of a property acquisition process. Different states have different requirements. There are many laws that govern the process.Purchase of freehold residential plot or house ..... Proper Financial Records
Maintain financial security for easy home loanEven in the best of circumstances, buying a new home is stressful. It’s a major decision that will impact you in practical, financial and emotional ways. Securing your finances can go a long way in maki ..... Documents required for home loan
Please note the following requirements under various categories of Individuals. Salaried Individuals, Self-Employed/Businessmen, If a flat is purchased from the builder, If the property is being purchased is in Cooperative Society, If constructing on ..... Hindu Women Property Rights
Right to property: Men and woman both have a right to property. Every woman has a right to acquire and hold property for herself in her own names. If, a woman has any property, she can do whatever she wants with it. A woman has a right to receive her ..... Muslim women Property Rights
Right to property: Right to property Men and woman both have a right to property Every woman has a right to acquire and hold property for herself in her own names If a woman has any property, she can do whatever she wants with it A woman has a right .....