Any property that is sold, bought or rented, under certain circumstances, requires to be registered inclusive of:
- A valuable sale or purchase of immovable property.
- If a property is rented for a period of more than 11 months, then the agreement needs to be registered.
Buyer and seller of a property enter into a sale agreement. This sale agreement typically defines the guidelines and conditions that govern the sale of an immovable property. The sale agreement will also include the details of buyer and seller, property details, location, price, payment structure. Once the sale agreement has been created and signed by both the parties, then this agreement is registered with the registrar according to India’s registration act of 1908.
Once the sale agreement is registered with the registrar, the buyer will also have to pay the applicable stamp duty. Find more about stamp duty and registration charges in various states across India.
Here we present the step by step procedure for registration of property. The procedure remains same whether you buy the property from an individual or from a real estate developer.
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