Document Assessment

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The formalities involved in the purchase of property are

  • Taxation
  • Registration
  • Land Value Advice / Valuation
  • Verification
  • Permission

Taxation : Knowledge of Income Tax Rules such as interest and tax deductions, reinvestment of house property and taxation involved, taxable limits of property ownership is essential. Stamp duty is a very important consideration since it forms a significant percentage of the purchase value. Many vendors try to minimize stamp duty by undervaluing the property. In such cases, consult an advocate to avoid legal issues in the future.

Registration : Registering your home ensures a secured and safe future. A document should be registered within four months of the date of its execution along with the ‘Sale Deed’ and optionally, the ‘Agreement to Sell.’ Once done, the buyer’s name is entered in the encumbrance records. Mere registration does not confer a title. It is the responsibility of the purchaser to take all precautions and to ensure that the seller possesses a valid title.

Process of Registration:

  • Ascertain the market value of the property to calculate the stamp duty, transfer duty, and registration fee payable on the instrument. The market value assistance counter in Sub-Registrar (SR) office will provide these particulars.
  • The value of stamp paper depends on the market value of the property. Stamp papers are available at SR’s offices with stamp counters or from licensed stamp vendors.
  • The document has to be written and executed in the presence of two witnesses.
  • Necessary enclosures have to be attached.
  • The document has to be presented to the SR under whose jurisdiction the property falls. He will then scrutinize the document for its classification and stamp duty. Any deficit can be paid at this stage.
  • The Executant (Seller) should appear before the SR with 2 witnesses and admit execution of the document.
  • The SR endorses the admission of the execution and adds the registration certificate to the document itself. Then the document is returned to the Claimant (Purchaser) or to his authorized agent.
  • A CARD office returns the document within 1 hour of presentation before the SR
  • A non-CARD office takes 4 working days to return the document

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