Registration of real estate is a crucial step in the home-buying process. Unfortunately, registration, in all probability, is the most difficult step in the process of purchasing affordable flats in Kolkata. Even the savviest home buyers can become confused by the paperwork and legalities involved. As a result, it is always advisable to seek out the help of a reputable broker or real estate agent, especially if you’re scouting residential projects in Rajarhat. In order to ensure a simple and hassle-free property registration process, you might also consider hiring an attorney.
Registration Process For Buying Property in Kolkata
- Inspect the Sub-Registrar of Assurances’ Office for Encumbrances: Looking at the title deed or the property’s ownership status, such as any mortgages or liens, can help with this. You should ensure the title deed is registered in the name of the person selling the property and that all necessary paperwork is available for registration. You must examine the following factors while conducting your investigation:
- The owner’s name must appear on the legal documentation proving ownership. This document is stamped with the Tehsildar’s seal and issued by the Revenue Record Department. The officer in charge of collecting taxes from a tehsil is known as a “Tehsildar” (an administrative division).
- You must check records going back 30 years to confirm that there were no mortgages or other encumbrances on the property as of the date of purchase.
- It is advisable to verify that the asset can be transferred and inherited and that the seller has permission to sell it.
- Ensure that all outstanding taxes, electricity, and water bills have been paid as of the purchase date.
- The buyer’s Attorney will Draught the Final Deed: The buyer’s attorney prepares the final sale deed of the property. The document is stamped on green legal paper with the date and location left blank before being handed over for stamping. Although the cost of the attorney varies, it typically amounts to one percent of the property’s value, and the procedure lasts about a week.
- Payment of Stamp Duty: In order to stamp the Sale Deed, the buyer must pay the stamp duty at the designated bank or authorized collection center of the Stock Holding Corporation of India. Once the payment has been made, the bank issues a receipt and stamps “stamp duty received” on the first page of the printed Sale Deed. A day is all that it takes to complete this process.
- Execution of the Last Deed at the Sub-Registrar of Assurances’ Regional Office: This will need to be done in person at the office of the Sub-Registrar of Assurances under whose jurisdiction the property is located with the presence of the buyer, the seller, and two witnesses. A unique number is given to the paperwork once it has been registered, following the seller, buyer, and witnesses’ signatures on the stamped deed.
- Request the Mutation of the Title Deed: When flats for sale, be it Newtown or other places in Kolkata, get sold or transferred, the title ownership changes from one person to another. This is crucial for the property to be registered in the new owner’s name with the Land Revenue Department. Additionally, it enables the government to tax the appropriate owner of their property.
Register Your Dream Lifestyle With Orchard Avaasa
A home is a place that should make us feel at peace. Our desire to live in a peaceful environment away from the crowds endures even in such trying times that raise the possibility of increases in home loan rates. This is made possible by the low-cost, accessible housing options in Kolkata. This G+13 block acts as a single residential tower for you and your family, offering much-needed relaxation! This is especially true when you consider the signature amenities offered by Avaasa’s flats for sale in Newtown – Skywalk, and Skydeck.
Affordable quality is possible! You can rely on Orchard Avaasa to make the best choice the first time. So choose wisely now by providing one of these affordable flats in Rajarhat, Kolkata, and enjoy a lifetime of happiness.