Listed below is a detailed summary of the steps, time and cost involved in registering property, assuming a standardized case of an entrepreneur who wants to purchase land and a building .
( 1) Check For Encumbrances at The Office of the Registrar ::-The purchaser should conduct a search of the property in the Registry Office, noting the location details of the property and the time preceding 12 years (preferably) period to be checked.
LEGAL FEES INR 2,500
TIME REQUIRED- 3 WORKING DAYS
( 2) Assessment of Market Value From the Office of Registrar ::-The present market value should be assessed from the registrar office and stamp duty and the registration fees should be paid according to the assessed market value.
( 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.
(4) Payment of Stamp Duty on Sale Deed Through Bank Draft from State Bank Of India. ::- Stamp paper of Rs.1000/- (preferably) to be purchased from vendor and rest of the amount to be paid through Bank Draft.
Associated Cost - 5% of property market value (in Panchayet Area) and 6% of property market value ( in Municipal area).
NB.- Stamp duty will increase 1% in case of Property market value exceeds INR 30 lacs.
( 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 Office for scrutiny. After scrutiny, the Registration Fee to be paid, which is 1.1% of market value of the property. The due registration fee is to be deposited with the cashier against a receipt.
TOTAL LEGAL FEES - INR15,000 (FROM MARKET VALUE ASSESSMENT OF THE PROPERTY UPTO DELIVERY OF DEED) .
TIME TO COMPLETE THE TOTAL REGISTRATION PROCEDURE- 5 DAYS
( 1 ) Assessment of Market Value From the Office of Registrar ::-The present market value should be assessed from the registrar office and stamp...
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