Are you in the process of buying a property in Chennai? If yes, then you might want to know how to register a property in Chennai.
Once you have shortlisted the hot property that you want to own, then the next logical step is to enter into an agreement for sale with the seller/residential builder. The agreement for sale is between the seller and purchaser. The deed must mention:
- · Name
- · Father’s name: example, Mr Praba, son of Mr Shanmugam Illangovan
- · Age
- · Address of the executants
- · Sale price of the property
- · Advance amount paid with details of cheque number/demand draft number/cash paid
- · Balance amount to be paid and various other details
Please bear in mind that the final sale deed completes the sale transaction. Who can draft the deed? An advocate, licensed document writer, or a chartered accountant who has a document-writing license can draft the sale agreement.
Only licensed copywriters or licensed typewriting copywriters must prepare the document copy, also the copy sheets sold by the registration department must be used. Cost of each copy sheet is 1 Indian rupee. There is a fee that you will have to pay for document writing and the fee is prescribed by the government.
When can you register? The registration must be completed within four months of the execution date. This timeframe is not applicable to wills. If you are unable to register within the prescribed timeframe then you can pay a fine and complete registration at a later date. The percentage of fine varies depending on the time delay.
Where can I register the property? Registration with the relevant district or sub registrar’s office is mandatory. Documents needed for registration are: Stamped, signed and executed deed; required registration fees, duplicate registration fees, sub division fees, etc. It takes about 3 days for the documents to be returned.
Please note a list of stamp vendors is available with the registration department of Tamilnadu. These vendors a re licensed to sell stamp paper at face value and commission to the vendors is borne by the government. Stamp paper is also available at the Sub Registrars’, Treasuries, and Assistant Superintendent of Stamps, Chennai. Stamp duty can be paid as cash or demand draft.
The overview of property registration in Chennai will give you a better understanding of the process!
