Property Verification & Registration
Property Lawyers, Property verification provides assurance that property involved in the transaction is free from litigations. Once the property is verified, it becomes easier to take loans against the property after verification. Many people wish to buy the property or take a home loan or mortgaging property against a loan or taking property on lease for the long term, taking a property legal opinion is necessary for them to check out land valuation and all the documents related to the property before making a decision to buy so that in future the owner doesn’t get into legal trouble because of improper documents.
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Property Verification Process
Documents Required for Property Verification
a) Property Title (current ownership of the property).
b) Mortgages documents on the property (If any)(documents related to it must be verified and the buyer must be willing to buy it. The mortgages or mortgage must be paid by the seller).
c) The Encumbrance certificates(which is issued when the property is free from encumbrances like liens, mortgages, property tax etc.)
d) The Sanctioned plan
e) The Built-up area
f) Property tax receipts
Benefits of Verifying Property Documents
- Verification provides assurance that seller has the right to sell the property.
- One may also avoid a transaction if fake or forged documents are presented.
- Avoids from fraud sellers: Some sellers might try to sell the same property multiple times and fraud people.
Property Registration, The law of registration of documents is contained in the Indian Registration Act, 1908. This law provides for the registration of various documents, to ensure the conservation of evidence, prevention of fraud, and assurance of title.
As per Section 17 of the Registration Act, 1908, all transactions that involve the sale of immovable property for a value exceeding Rs 100, should be registered. Additionally, all transactions of the gift of an immovable property, as well as lease for a period exceeding 12 months, are also mandatorily required to be registered. This effectively means that all the transactions of sale of immovable property have to be registered, as no immovable property can be purchased for merely Rs 100. The term ‘immovable property’ includes land, buildings and any rights attached to these properties.
The authorized signatories for the seller and the purchaser, have to be present along with two witnesses, for registration of the documents. The documents that are accepted for this purpose, include Aadhaar Card, PAN Card, or any other proof of identity issued by a government authority. You need to present the property card to the sub-registrar, along with the original documents and proof of payment of stamp duty.
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Documents Required for Property Registration
- Self-Attested PAN Card copy
- Self-Attested copy of any one of the Identity Proof
- Self-Attested copy of Address Proof in the name of director
- Passport-sized photograph
- Rent Agreement (Notarized: For rented property)
- Sale Deed/Property Deed in English (in case of owned property)
- No-objection Certificate from property owner
- Patta pass book
- How long will it take for the procedure to be over?
- When should the property documents be verified?
- Who conducts the verification of my documents?
- What are the services we are giving?
- The builder provided me a CD containing the property documents, can I give that?
- How many days will it take for registering the property?
- What are the costs involved?
- How is the stamp duty calculated?
- How is the stamp duty calculated?
- Are there any special requirements for property documents of agricultural land?