Investing in properties is one of the most significant events of your life. However, if you fail to register your property, your may lose the legal right to claim your ownership to such property. Registration of property is crucial to ensure your legal rights over the property, and to avoid any real estate disputes that may arise in the future. By registering, you ensure that you can prove your ownership and possession over the property. Property registration in India is governed under Section 17 of the Registration Act, 1908 read with the Transfer of Property Act, 1882. Both the Acts provide guidance and procedures regarding how to register properties in India.
Property registration involves verification of the property title, estimation of property value from local circle rates, preparation of stamp papers, development of the sale deed, payment of stamp duty and registration fees, and finally approaching the sub-registrar for registration of the property. For stamp duty purposes, the Government rate of properties are compared to the actual price paid for the property, and the higher of the two is considered to be applicable for stamp duty purposes. Property registration in India used to be a tedious and difficult process. However, with the coming into effect of electronic registration, property title registration is comparatively easier and can also be done by downloading forms from the local sub-registrar’s website. One of the major benefits with online processes is the ease of transactions and tracking of progress.
Ghosh Legal Service understand how important property matters to the lives
of people. If you are looking to read more about Property Registration, check
out our website.
Property is one the major investment option being used by NRIs to keep them connected to their homeland, India. These properties owned by NRIs are either self acquired or inherited from their ancestors.
NRIs are always concerned about the status of these properties as they are scared of fraudulent transactions concerning these properties. Moreover in absence of appropriate knowledge of various procedures, NRIs face numerous issues on account of ‘Property Search and Title Search’ about the properties owned by them in India.
Unlike developed countries, India lacks the system of Property bank through which the details of ownership of property can be ascertained online. Even though various states have initiated efforts to make the property records available online for the ease of citizens yet the same are not linked to any unique id like PAN Card or Adhaar Card. The government records available online are not easily accessible and retrieving the records online from government websites is an uphill task in itself. To add to their woes, the state revenue record departments being managed and updated in traditional manual records and files even today. Further these records are maintained in vernacular language which is alien to the next generation of NRIs.
Whether the property is owned through inheritance, family transfer or self acquisition, NRIs want to have full understanding and knowledge of the properties owned by them in India.
In absence of their physical presence in India, the anxieties of NRIs are always high on account of the ‘Clear Title’ and Ownership of the property.
Like any other owner, NRIs want the latest certified records of properties proving the latest ownership of their property to ensure that their properties are secure and free from risk of illegal possession and Illegal sale leading to time consuming process of litigation.
Further NRIs seek information on the actual worth and market value of their property so as to make a well informed decision when it comes to sale of property. This information may also become handy in case of any litigation on the property.
Keeping in view these specific requirements of our NRI clients, we at Ghosh Legal Service incorporated a dedicated Property Management team so as to cater and assist our NRI clients in getting the details of their properties. Property and Title search is a time consuming and cumbersome process which involves rigorous follow-ups with various government authorities.
Property Agreement in India
If you are looking to invest in Indian properties, or you want to sell your property, then property agreements are the most important legal document that will safeguard your rights. A property sale agreement is different from a sale deed, while a leave and license agreement are different from a lease deed. These nuances of property agreements are hard to understand until you consult a qualified real estate professional.
We understand that property is one of the most valuable assets of your lifetime, and we will always work towards providing the best legal agreements that will protect your property. Some of the clauses that you must be aware of in property agreements are the payment clause, the right of way clause, the mortgage clause, area of the property and delivery date. There are several other clauses in housing agreements which can be difficult to understand without expert guidance.
If you are seeking property agreements then they must have an indemnity clause that protects the buyer in case of any legal defect or dispute in the property. Indemnity clauses are particularly important due to the introduction of the Real Estate (Regulation and Development) Act of 2016 (RERA 2016), wherein promoters and sellers have to indemnify the buyer in case of failure in fulfillment of any provisions or clauses of the property agreement.
Another important clause of a property agreement is the delivery of possession. Under the RERA Act of 2016, the promoter has to deliver possession of the property based on agreed plans and deadlines. Buyers and sellers should have a clear understanding of the terms of delivery and penalties associated on account of delays. This can be best reflected in the property agreement. If you are a buyer or a seller, you must incorporate specific performance and arbitration clauses in the property agreements. This will help the parties resolve the matter or approach the Courts in India if there is any dispute or breach of the property agreement.
If you have spent months searching for that perfect house and managed to bargain the best price for your house, then why will you compromise on the most important document that will seal the deal. Do not try to work with stock agreements, or online agreement formats cause they cannot reflect the unique conditions of your property sale or transfer.
& EXPENSE :-
( 1 ) ASSESSMENT OF MARKET VALUE OF THE PROPERTY FROM THE OFFICE OF REGISTRAR ::-The present market value of the property should be assessed from the registrar office and stamp duty and the registration fees should be paid according to the assessed market value. The Registration Office issue verified Property Assessment receipt before any registration of Deed. Purchaser and Seller both need to provide all documents related to property and Identity Cards ( Aadhar Card and Pan Card ) and two witnesses address details.
(2) ONLINE PAYMENT OF STAMP DUTY AND REGISTRATION FEES :- According to recent Registration Rules Purchaser have to pay the entire Stamp Duty and Registration Fees through online Bank Transfer to the Government which is mentioned in Property Assessment receipt before final Deed Registration.
( 3 ) PREPARATION OF THE FINAL SALE DEED BY THE PURCHASER’S LAWYER ::- The lawyer prepares the final sale deed and then engrosses the document on paper leaving the date and place blank then this document is then submitted for stamping and other required formalities.
(4) DOCUMENTS FOR REGISTRATION :- Property related documents like sale deed , Settlement record , Mutation , Tax receipt required. Voter Card , Pan Card , Aadhar Card Copy , Color Passport Photo of Purchaser and Seller Required.
( 5 ) EXECUTE FINAL SALE DEED AND SUBMIT DOCUMENTS TO THE OFFICE OF REGISTRAR ::-The Sale Deed to be submitted to the Officer of the Registrar for registration after successful online payment of Stamp Duty and Registration Fees. Finally IGR Receipt for withdrawal of Registered Deed will be issued after successful and completion of Entire Registration Office.
Family Settlement or Partition Deed : A family settlement is an agreement to resolve the disputes pertaining to property division among family members effectively without following the procedure of litigation. The family settlement may be oral and in that case it does not need registration. A family settlement if not written, does not require any stamping and registration whereas the written partition deed requires both registration and stamping.
Partition deed for a property is executed to divide the property among legal heirs. A partition is a division of property held by several co-owners so that each co-owner gets his due share in the property and becomes an owner of the share allotted to him/her.
Mortgage : As per The Transfer of Property Act
1882, a mortgage is the transfer of an interest in specific immoveable property
for the purpose of securing the payment of money advanced or to be advanced by
way of a loan, an existing or future debt, or the performance of an engagement
which may give rise to a pecuniary liability. The instrument by which the
transfer is affected is called a Mortgage Deed.
Here the transferor is called a mortgagor and transferee is called a mortgagee.
Gift : In this form of transfer of property or assets of one person to another person, there’s no consideration of money or any other form in picture at all. By way of a gift a house, cash, jewellery, etc. can be transferred from one person to another person through a GIFT DEED.
Section 122 of the Transfer of Property Act 1882, defines a gift deed as a legal document that records the act of giving a gift and is executed between the donor and donee. Even though it is not mandatory to execute a gift deed while gifting any asset, yet it does creates a record of the gift. As gifting is a voluntary action, the gift deed should mention that the deed is made voluntarily and out of donor’s own choice. The gift deed also mentions that the gift is being made without any consideration. It may be noted that the acceptance of donee is mandatory and should be very well signed and accepted. The acceptance of gift should be during the life time of the donor.
Relinquishment of property : is the process of transferring property from one co-owner to another co-owner.
When a person dies INTESTATE i.e. without leaving a WILL, his property straight away goes to his Class 1 legal heirs.
In case there are two or more legal heirs and wish to divide the property further, they can do so by mode of Relinquishment Deed.
A relinquishment deed is a legal document through which one of the legal heirs gives up his legal rights in the inherited property to another legal heir with or without any consideration amount. The relinquishment deed needs mandatory registration for it to be valid.
Relinquishment of property can not be made in favour of a person other than co-owner and in case the relinquishment is made in favour of a person who is not a legal heir in the specific property, it will be termed as Gift.
The relinquishment deed can be revoked by the consent of both the parties involved. If the beneficiary of property is not ready to cancel the deed, the other party can approach the court for cancellation within 3 years as per the Limitation act.
NRI Legal Services is uniquely positioned as a Premier Global Legal Management firm to provide services exclusively to Non-Resident Indians and overseas people of Indian origin. We specialize in delivering dedicated legal services relating to issues pertaining to immovable and moveable assets to the Indian diaspora based overseas. Two decades of dedication in serving the Indian diaspora overseas regarding land/property/finance matters now warrant us to be called “experts” in this field. Our teams are fully conversant with all aspects of law which provides us an edge over the other legal professionals who might be equally qualified but may lack in experience in exclusively handling issues of NRIs or overseas Indians.
Testimonials of our Clients from across the globe are undeniable and indisputable proof of the efficiency of our team and high quality of our work.