The Sale deed or the Agreement for Sale, generally in the case of Property Transaction in Re-Sale and New Home Sales.
The documents are submitted to the office of the Sub Registrar of Assurances within whose jurisdiction the property is located.
The authorized signatories of the seller and purchaser are required to be present along with two witnesses. Once the document is registered, a distinct document number is assigned to that document. The record of registration is kept in the office of sub registrar of assurance.
The documents are submitted to the Reader of the Sub-Registrar of Assurances for scrutiny. After scrutiny, the Reader indicates the registration fee required, which is 1% of the transaction value or Rs. 30,000/- whichever is less on the document itself.
The payment of this fee is generally done by Payorder or through pre-determined Banks, or through the Maharashtra Government website E-payment for Registration – https://gras.mahakosh.gov.in/echallan/
After depositing the fees, the documents are presented before the Sub-Registrar in accordance with Section 32 of the Registration Act, 1908. Normally, the Seller hands over the peaceful vacant and physical possession of the property to the buyer simultaneous to the deed being presented for registration. Upon payment of the required registration fees and computer service charges in cash, as per the receipt, the document is returned within 30 minutes of getting the receipt.
The documentation shall include:
1. Document required to be registered (Original Stamp Duty Paid Copy)
2. Two passport-size photographs of the authorized signatories of both parties.
3. Photo identification of each party and witnesses i.e. voters’ identity card, passport, and identity card issued by Govt. of India, Semi Govt. and Autonomous bodies or identification by a Gazette Officer.
4. Certified true copies of certificate of incorporation of both seller and purchaser in case of Companies. (Subjective and applicable as per the requirement)
5. Copy of the latest property register card (to be obtained from the City Survey Department) to indicate that the property does not belong to the government. (Subjective and applicable as per the requirement)
6. Copy of the Municipal Tax bill to indicate the year in which the building was constructed, (Subjective and applicable as per the requirement)
7. Address Proof
8. Last 3 months salary slips (salaried person)
9. Copy of PAN Card of Income Tax of the Seller and the Buyer annexed along with the Sale Deed.
It is also mandatory to affix thumb impression on the document to be registered in addition to signature and photograph.
1% of market value of the property (Maximum INR 30,000) + INR 20 per page of final sale deed for scanning charges (paid in cash at the time of Registration)
After the Registration Process and Formality is done, you may get the document after a day along with the CD of the Scanned Document.
1. Please ensure that you keep this document very safely with you. Make a few Copies of the same.
2. In case of Bank Loan, the Bank would require to take the Original Copies of the Registered Sale Deed or Agreement for Sale
3. We strongly recommend, to let the Developer or your Agent help you this as it is otherwise a lot of waste of time unnecessarily to find your way. The agent fees is applicable so please settle with him directly.
4. Please do not be in a rush and keep the next few hours free, as you never know how much time you may take in the Registration office. So if you have any other meeting or any engagement, please plan accordingly. It is difficult to have co-ordinations from Builders office, Seller and Buyer and Registration agent to all be together at one time.
5. Please ensure that you submit the documents to your Registration Agent 1 or 2 days prior to Registration for a smooth sailing.
6. Please carry sufficient cash with you and please ensure that you eat well and there is NO Proper Air-Conditioning in most of the offices and no proper seating arrangements and eating outlets around, so please ensure that you know all this beforehand.
7. In case, you are getting the Registration done by way of a Power of Attorney do ensure, that Proper Powers are given, signing is done by the Property Seller or Buyer, if you are blood Relative in case of Selling of the Property. Proper stamp Duty is fixed, Notarisation is done, thumb impression, details of the exact property, exact names in the POA and in case of POA which is done overseas, ensure the respective Consulate Stamp on the document.
8. Please ensure that you are following all the Processes which are mentioned to you by your Property Agent, Builder and do not go with your old information and friends advise as most of the times the rules are changed. Do not reinvent the wheel else the process will be derailed.