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 computerised in most states, and involves the issuing of a token number for registering the document on a specified date.
The documentation will vary depending on whether the property is being transferred from the developer or if it is a secondary sale. If the property is already under lien, then the mortgaging agency will have its own format. There are various costs involved, and these vary from state to state. Costs can amount to 8 per cent of the total registered value of the property, but this depends on exact location and registrar jurisdiction. In chennai the Stamp duty is 7% and the Registration charges will be 1% on the overall registered value.
If a property that is under mortgage is to be registered, the mortgaging bank will require an NOC from the housing society in a prescribed format. It would then initiate the loan disbursement, depending on the repayment eligibility of the purchaser. The document will be duly registered on bank’s confirmation of disbursement to the seller after obtaining all the originals from the sub-registrar’s office.