Without getting all the documents, the process of home purchase is not completed. Make sure, you have to get all the documents that are required to purchase the property. As well, you will be able to make the registration of property. With the registration process, you become the lawful owner of that property. If you can’t before then it is good to consider all the facts of which help to make the proper registration for the property.
The Stamp Duty
The stamp duty is a form of tax on any transaction which people create on liability. It works like a partition deed, gift deed or sale deed. It is also known as the power of attorney or release deed which contains some of the documents. As well, the stamp of duty is payable. In order to purchase the real estate, stamp of Duty performs the major role and it involves the property registration process.
The Indian registration act or stamp act governs by the stamp duty. The registration charges of stamp duty are paid to the state government. It is mandatory to transfer the ownership of property. As well, it is valid from state to state. Registration fees for stamp duty charges are paid in the terms of percentage in some of the states. Actually, it depends on the total transactional value. In order to follow the right registration process, you can click this link.
The Registration Procedure Of Property-
- Firstly, you have to get the estimated value of your property. According to the circle rates in area, you need to get an estimate.
- Now, you have to compare the circle rate with the actual price. In order to pay the stamp duty, the higher of two values are applicable.
- There is needed to get the non-judicial stamp papers of that value which arrived after the total calculation.
- You will be able to purchase the stamp papers by a person or online. Make sure, you get the stamp papers from the licensed stamp vendors. As well, there is a need to purchase the E stamp also when you purchase online. If it is already paid then stamp duty can be paid by the Collector of stamps or it is submitted as a proof.
- Now, you need to type on the stamp papers and get the prepared deed. According to the nature of transaction, you have to write the subject. It includes sale, mortgage lease or power of attorney.
- Now, transactional parties go to the sub-registrar office to get the registered deed. In order to complete the process, there is needed to get two witnesses. Each person carries the respective photographs identification documents also. There is needed to get the original copy of deed with two photocopies.
- When the sale deed gets registered, you need to get receipt. After that, you can go to the sub-registrar office to collect the sale deed.
- When you get the original sale deed registered then you can verify the registry details from the Registrar office.