Investing in a home almost always requires financial commitments that can continue for at least a couple of decades. Considering the magnitude of the commitment, it is critical that the decision must be safeguarded by the meticulous maintenance of records pertaining to the property in question. In order to ensure that these property records are updated correctly during transfer of ownership, the registration of the home must be done right.
Registration of property in India falls under section 17 of the Registration Act 1908. The aim of the Act is to make sure that the transaction in question has all the correct information and that legal records of the same are maintained.
When you’ve found a house you wish to buy and you’re ready to register the same in your name, you may want to check if the following things are in order.
Authenticity and credibility of property
Before registering a particular property in your name, you need to ensure that all existing documents regarding the property are clear and straightforward.
It is also a good idea to check on the credibility of the developer or the seller. Due diligence is extremely important to avoid untoward events in future.
Lawyer’s backing
Consult a lawyer to confirm that property documents provided by the seller or developer are genuine. This is important so that you don’t end up getting documents that are ambiguous or inexact transferred to your name.
Requisite documents
Registering a property requires the following documents to be presented at the time of registration:
Sale deed in present seller’s name
Khata certificate and extract from authorities
Latest tax paid receipt
Latest statement from bank regarding outstanding loan
Encumbrance Certificate from date of purchase till present day
Agreement of sale and construction executed by developer in favour of seller
Latest electricity bill and receipt for the said flat
No objection certificate from the apartment’s association
Sanctioned building plan
Occupancy certificate from builder
All title documents of land owner
Joint development agreement, general power of attorney and Sharing/supplementary Agreement between land owner and builder
Originals, if available
A copy of all registered previous agreements (in case of re-sale property)
RTC (Records of Rights and Tenancy Corps) or 7/12 extract
Conversion Order issued by the concerned Authority
Power of attorney/s if any
Photocopy of Society Share Certificate and Society Registration Certificate.
Personal identification
In addition to documents pertaining to the property, you should also ensure that you’re carrying copies and originals of identity proof such as PAN card, Aadhaar as well as passport photographs.
Demand draft with correct amounts
When registering property, make sure you have demand drafts with the accurate amount for payment of stamp duty and registration charges. Both vary from state to state.
Getting the registration process completed is the threshold to your home ownership experience. Having all property related documents in order not only marks the beginning of your ownership but also protects you from any possible disputes in future.
