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Explaining jargons: Know your real estate: Registration

Registration: A legal documenting and subsequent recognition of a transaction under the State. This can either be a rental or capital transaction and there is a fee attached to registering a transaction, which varies from state to state.

What the Law says

Registering the documents relating to the transfer, sale, lease or any other form of disposal of a property is compulsory by law under section 17 of the Indian Registration Act, 1908.

Once a property is registered, it means that the person in whose favour the property is registered is the lawful owner of the premises and is fully responsible for it in all respects.

Process of Property Registration

The registration of a property involves adequate stamping and paying the registration charges for a sales deed and having it legally recorded at the sub-registrar’s office.

If the property is purchased from a developer, registering the property amounts of an act of legal conveyance. If it is the second or third transaction for the property, it could involve a duly stamped and registered transfer deed. The process is now computerized in most states, and involves the issuing of a token number for registering the document on a specified date. The process can take anything from seven to fifteen days. The cost involved varies from state to state.

Source: JLL

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