The registration of property is one of the biggest event in your life. The registration of property is one of the most important aspects of buying a property, it is important to have a checklist while making the purchase of immovable property.
Make sure that the property is owned by the seller from whom the land is purchased. If you are looking for a simple guide before buying property, you will find in the link given below:
Seller and buyer both must appear before the concerned sub registrar office for the registration of immovable property in Bangalore. It is good to carry identification proof document issued by the government of India like Aadhaar card, pan card, etc
Two witnesses are must for the registration of Deed, witnesses should be major over 18 years of age and of sound mind.
Ensure that you have the appropriate deed which can be registered, it should capture the entire transactions and consideration. Check The spelling of your names, addresses, amount, property and all details carefully. Read carefully and sign. It is good that you mention parties Aadhar and PAN in the deed .
The stamp duty is 3% on properties worth ₹45 lakhs, 2% on properties less than ₹20 lakhs, and 5% on those worth over ₹45 lakhs.
In addition to stamp duty you will have to pay cess and surcharge as part of the property registration charges in Bangalore and other cities within the state. For properties priced above Rs 35 lakhs, a cess of 10% and a surcharge of 2% are applicable. This is in the case of urban areas. So, effectively, you will be paying 5.6% as stamp duty. In the case of rural areas, a home buyer pays 5.65% as the stamp duty, because the surcharge is 3%
Stamp Duty Calculator https://kaverionline.karnataka.gov.in/StampDutyCalculator/StampDutyCalculation you can enter details in kaverionline to calculate stamp duty.
The registration fee for property registration in Bangalore is 1% of the property value.
You can pay the stamp fee and registration fee online in https://k2.karnataka.gov.in/K2/
BE INVOLVED IN THE PROCESS
It is highly important to stay alert and focused at the time of registration. I have seen people spending time on phone carelessly and forgotten to be involved in the registration process.
It is very important to clarify any doubts you might have, you are spending huge amount in buying property and the registration is an important step it is your right to ask questions and seek information.
Hope this check list will help you stay aware and focused so that you don’t make any mistakes at the time of registering your property.
While dealing with legal matters like property registration in Bangalore you should make sure to avoid any space for errors and mistakes. For this purpose, you should always prefer the help of some professional lawyer. You can avail complete end to end legal services from us! Hemanth & Associates