Registration of a property is one of the most primary and important process that both the seller and buyer needs to come upon. But this process is intricate and requires some decent prior knowledge before getting indulged.
It’s important to know all the main steps to be sure of the acquirement or selling of any given asset. Any kind of property like lands, ready-to-move apartments, commercial spaces and all others have to go through the registration process.
The process is highly complex and needs proper attention at every step. So a proper Act with distinctive laws is devised to make sure that the information about the deals concerning property assets are up to the mark and correct. This definitely helps ensure accurate record and maintenance.
Among many other factors, here are some of the chief points that you must know about the registration method:
Find out a reputed Sub-Registrar in your locality
The entire process is initiated by a Sub-Registrar, so you must consider this gazetted officer as the main point of contact. His duty is to ask for all the documents required in the presence of both seller and buyer parties.
He checks different aspects of the documents such as the date of the certificate, the stamp and registration act and the stamp duty. All supporting papers such as RTC, Form 1, Form 60 and 61 PAN are also tested by him.
Know the real market value
The sub-registrar as well you as a property seller or the potential buyer needs to know the real market value of the property. This value is estimated by the Market Value Committee. But if any of the parties disagrees with the set value, he or she can make an appeal to the District Registrar.
Be sure about the property title
The property title is another important information that you must be aware of. It consists of the details about the origination of the asset. This aspect is hailed as important because in case the title of the property is not clear and merchantable then the banks may refuse to provide financial support.
Prepare an accurate sale deed
This is also a very important document that is framed between the buyer and the owner or the developer of the property. It is prepared and duly signed by an authorized attorney. Here in this documentation you have to ensure that the schedule of the property is mentioned correctly.
Alter the property title
After completion of the registration process, the very next step is to apply to the local municipal authority to get the new title of the property and even get it transferred to your name. This process is called mutation of the property title. The method of mutation is fully automated now, making it even easier and flexible.
All these complicated processes surely can make you feel concerned and thoughtful, especially if you don’t have much knowledge on the property supervision matters. So it’s always better to hire a reputable consultancy providing good property management services, if you want to get rid of all these complications of property registration and other related works.
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