The law of registration of documents is held in the Indian Registration Act. And this legislation presents the registration of several documents. To ensure the maintenance of evidence, fraud protection and assurance of title. So, In detail, we will Guide on property transactions in India.
Is property registration compulsory?-Guide on property transactions in India
Under Section 17 of the Registration Act, 1908. All transactions that entail the sale of immovable property. And For an amount exceeding Rs 100, it will be registered. So, This law means that all the transactions of sale of immovable property have to be registered under this section. Defining that immovable property can be purchase merely Rs 100. Additionally, all transactions of the gift of immovable property As well as lease for a duration exceeding 12 months will also compulsorily required to be registered.
In specific cases, when a party to the transaction cannot visit the sub registrar’s office. The sub-registrar may represent any of its administrators. And To receive the documents for registration at the residence of such person. The word ‘immovable property’ covers land, buildings. And any rights associated with these properties.
What is the procedure for property registration? Guide on property transactions in India
- The documents of the property need to be register. And this will be submitted to the office of the Sub-Registrar. And With the Assurances to control the property, Which is the subject matter of transfer, it is resid.
- The authorized signatories of the seller. And the purchaser must be present along with two witnesses. For registering your documents.
- The signatories will carry their essential identity proof. Which includes PAN Card, Aadhaar Card, or any other proof. Issued by the government of India.
- The signatories provide the power of authority. If they will serve someone else.
- In the case of a company is a party to the agreement. The person representing the company has to carry enough documents. Like power of attorney/letter of authority. Authorizing him to carry out the registration. And a copy of the resolution of the company’s board.
- You need to display the property card to the sub-registrar. And Along with the proof of payment of stamp duty and original documents.
- Before registering the documents, the sub-registrar will confirm it. Whether fair stamp duty has been paid for the property. As per the stamp duty norms.
- In case there is any deficiency in the stamp duty. The registrar will reject to register the documents.
What are the time limit and fees for property registration?
Documents that have to be compulsorily registered. And Have to present between four months from the date of their execution Along with the necessary fee. In case the time limit elapses. You can write an application to the sub-registrar for condonation of the delay. So, The registrar may accept the registration of such documents, and on payment of a fine. And That maybe ten times more than the original registration fee. Usually, the registration fee for property documents is 1% of the value of the property. And This will be Subject to a summit of Rs 30,000.
And the documents that are proffer for registration. That will return to you after six months. So, with the advent of digital technologies in the offices of the sub-registrar. The documents will be scanned and will revert to you on the very same day.
Influence of non-registration of property
If you fail to register the purchase agreement of a property. It may put at stake. Any document that is required to be register mandatorily, but is not registered. So, Will not be affirmed as evidence in any court of law.
