Buying and selling a property is not easy as it seems to be. There are a number of factors one needs to keep in mind. As far as sale or purchase is concerned, it is important to register the necessary documents. No matter whether you are investing in a ready-to-move in apartment or new residential projects in Thane and around, ensure you have the necessary documents ready. The law of registration of the documents is contained in the Indian Regulation Act. This law offers registration for a number of documents, to ensure the protection of evidence prevents fraud and assures title.
Documents Of Property That Required Compulsory Registration
As per the Section 17 of the Registration ACT, 1908, it is important for all the transactions that include the sale of an immovable property above Rs. 100 should be registered. In simple terms, all the immovable property should be registered, after all, no immovable property can be purchased for a mere Rs. 100. Apart from this, all the transactions of the gift as an immovable property and also lease for a period that exceeds 12 months should be registered. The term immovable property majorly includes land, buildings and all the rights that are attached to the property.
Documents Required and the Procedure Involved
It is of paramount importance to submit all the documents for registration to the office of Sub-Registrar of Assurances. Furthermore, it is vital for both the authorised signatories, for the seller as well as a buyer should be present along with two witnesses. It is vital for the signatories to carry their identity proof, which includes Aadhaar Card, PAN card, and Driving licence and so on. Besides, the signatories also have to furnish the power of authority, in case they are representing another person. Before the registration of the documents is done, the sub-registrar verifies the document along with the original ones and proof of payment of stamp duty. Keep these documents ready no matter whether you are purchasing a 2 BHK or 3.5 BHK flats in Thane and around.
Fee Payable and the Time Limit
Documents that are needed to be registered compulsorily should be presented within four months from the execution date, along with the fee. In case, the time has expired, you are required to submit an application to the sub-registrar for condonation of the delay. The registration fee for the documents is 1% of the property value.
In case the purchase agreement of the property is not registered, it could put you at huge risk. You should know, all the documents required should be registered, if not registered the same cannot be produced to the court as evidence.