PROPERTY REGISTRATION SERVICES IN CHENNAI
What is Property Registration?
It is essential and mandatory to register every property transaction as per the provisions of the Registration Act in India. Transfer of immovable assets has to be recorded to acquire the rights of the property upon execution effective from the execution date on the deed.
Legal prime has the best property registration in Chennai advocates who can help you with the preparation of deeds to the registration of property, in one single package.
What are the basic documents required for registering a property in India?
- Estimation of the property value.
- Sale deed (Legal Prime’s best lawyers can help with preparing the flawless sale deed)
- Payment of the registration charges and stamp duty.
- Approach the Sub-Registrar for registration.
- Documents submission.
- Other documents according to any local requirements.
The basic procedure for registering a property in India
The property documents should be submitted at the Sub-registrar office of Assurances within the jurisdiction same as the property.
The authorized signatories for the seller and the purchaser should be present with two witnesses for registering the documents. The signing parties should carry their proof of identity. Aadhaar card, PAN card, or any government-issued proof of identity can be used for this purpose.
If the signatories are representing someone else, he or they should also produce a valid power of attorney for the property.
If one of the parties is a company, then the person representing that company should carry all the supporting documents which include Power of Attorney or letter of authority, a copy of the board resolution of the company, a letter authorizing that person, or registering.
The property card should be submitted to the sub-registrar along with the original document and stamp duty payment proof. The sub-registrar will verify the submitted originals, and whether the adequate
stamp duty is paid as per the law and will refuse the registration process if there are any discrepancies.
Stamp duty is the tentative tax that should be paid to the government for attaining legal ownership over the asset. While the registration charge is the fee paid to complete the legal formalities in the government records. Stamp duty that differs from state to state should be calculated according to the state the property is at.
In most states, women are provided with rebates or waivers on stamp duty payments. The two witnesses that would be present during the registration process should also submit their identity and address proof in front of the sub-registrar. Also, the biometrics of the witness will also be captured.