3. Section 17 of
Registration
Act
Section 17 of the Registration
Act, 1908 requires the
registration of any “agreement
of sale of immovable property
of the value of one hundred
rupee and upwards”.
Therefore, it is necessary for a
sales deed to be registered for
the sale to be a valid one.
Registration does not create
an interest, however, it
validates the interest that is
created by the deed.
4. Advantages of
Registration
Validates the interest acquired.
It provides proof for the transaction.
It provides a history of the property and
gives proof of the valid owner.
In case of any mishaps by the registrar,
compensation can be seeked.
5. Steps to Register a Deed
The Sale
Deed is
prepared
by an
advocate
Stamp
Paper is
purchased
as per the
State rate
Date is fixed
for
registration
The
registration
fee is paid
The buyer,
seller and 2
witnesses go
to the sub
registrar
office on
date decided
Registered
deed is
collected
after a
week
6. Documents required for Registration
Sale Deed
Receipt of Stamp Duty
Receipt of Taxes Paid
Sanctioned Building Plan
No Objection Certificates
Possession Letter
Sale Agreement
Completion Certificate
7. Sale Deed
Made after execution of Agreement to sell
Main document that contains the details of the parties, the amount, the transaction
terms and conditions
It establishes proof of ownership and property
Most important document for the sale of property
8. Stamp Duty
It is a tax levied by state on transaction of immovable property
Levied on residential/commercial property
Also on freehold or leasehold property
The rates depend from state to state
9. Receipts of Taxes Paid
It is a document that gives assurance that taxes are paid on the property
This is so that no unwanted liability is cast on the buyer of the property
Non-Payment of taxes can amount to an offence and therefore, cast a duty on the
buyer to pay these taxes once property acquired.
10. Sanctioned Building Plan
This is done so that the seller/builder builds the property according to the building
plan
So that all compliances are met by the builder to make the property a legal
construction
So that the buyer does not face any difficulties once the property is constructed
11. No Objection Certificates
NOCs are required from the following:
Society
RWA
Electricity Board
Water Board
Any other as required by law/contract
12. Possession Letter
To prove that the property construction is complete
To assure that possession has been given
So that the buyer Is content with the type of service provided to him
To prevent any dispute later on when it comes to the property and its delivery
conditions