Advocate for Property registration, property registration, registration stamp duty, Bangalore property registration
The
activities to be undertaken by the purchaser of immovable property can be
broadly classified into:
Pre-registration and Post-registration activities.
Pre-registration
activities involve identifying the location of the property, ascertaining the
valid and marketable title of the Vendor, Legal scrutiny report, Mode of
payment, Sale Agreement, etc. Before registration of the sale deed, it is very
important to verify all the relevant documents in original, in order to rule
out subsistence of any kind of bank mortgage or encumbrance.
As the purchase of a property
involves investment running into lakhs of rupees, availing the services of an
Advocate having sufficient experience in property transactions would help
immensely the intending purchaser in protecting his right, title and interest
in the property.
Post
registration activities are the steps to be undertaken by the purchaser after registration
of the sale deed. There are certain requirements to be fulfilled in order to
get valid title and to exercise ownership over the immovable property by the
Purchaser. The following are the essential activities required to be carried
out by the purchaser:
The first
and foremost activities to be performed by the purchaser is to obtain original
documents of title from the seller and to compare them with the xerox copies,
which the purchaser's advocate would have scrutinized. If the advocate calls
for other original documents or certified copies, ensure production of the
same. It is always advisable to apply for certified copies of the sale deed.
It is also
necessary to register the application for updated encumbrance certificate in
the Sub-Registrar office on the day of registration itself, which shall be from
the date of entering into an agreement to the date of execution of sale deed.
Physical
Possession of the property is of vital importance. It is advisable to inspect
the property a day ahead of registration to make sure that the property is as
per the sale agreement. One of the clauses to be incorporated in the sale
agreement is that the Vendor shall hand over vacant possession of the property
and the purchaser shall receive all the keys of the property at the time of
registration. If need be, one may change
the main door lock itself.
In case of
vacant sites, it is necessary to put up a display board with the wordings
"This property is owned by so
and so. Trespassers will be prosecuted". Fencing of sites or putting up compound
walls, though expensive, is preferable. Periodical visits to the site are a
must to detect any kind of encroachment.
After
registration of the sale deed, the purchaser must ensure that the Khatha in the
records of the local bodies like Gram Panchayath, CMC or the City Corporation
is transferred in the name of the Purchaser. For such transfer, it is necessary
that both the buyer and the seller have to sign the application for transfer of
Khatha, which is done simultaneously while signing the sale deed. This is
necessary to avoid unnecessary disputes and complications in future.
Duly filled
Khatha transfer applications have to be presented before the concerned office,
along with a copy of the sale deed and receive necessary acknowledgement. At
the time of execution of sale deed, the Vendor has to sign the following
documents:
v Khatha
transfer application,
v Letter
for transfer in favour of the purchaser of Statutory deposits for electricity
meter,
v Letter
for transfer in favour of the purchaser
of Statutory deposits for water,
sanitary connection,
v In
case of second hand sale of apartment, letter for transfer of Apartment
Membership and Corpus fund has to be obtained by the purchaser from the seller.
The following is the procedure involved for transfer of
Khatha:
v To
present an application in the prescribed form in the office of the City/Town
Municipalities or Corporation having jurisdiction along with the supporting
affidavit giving all particulars required in the application. In the affidavit,
it is necessary to declare that you are the present owner.
v To
enclose certified copy of the sale deed with the latest tax paid receipt of the
property.
v To
furnish Khatha Certificate in the name of your Vendor.
v The
sketch showing the locality giving particulars of the ward or zone and name of
the street, etc and deposit of the fee fixed.
Local
bodies transfer Khatha in the name of the Purchaser after collecting a transfer
fee, which is generally 2% of stamp duty paid on the sale deed and issue
written confirmation of transfer in the name of the purchaser. While transferring
the Khatha, local bodies re-assess the
property and issue assessment notice in the name of the Purchaser. Further, tax
paid receipt should be in the name of the new owner/purchaser.
For the
properties coming within the jurisdiction of BMP, Computerized Khatha
Certificate and Khatha Extract will be issued. Khatha Certificate is an
authenticated document to prove the ownership and possession of a particular
person over the immovable property. While Khatha Extract will be issued this
reflects the actual site area and built up area, if the building is existing.
Further, property tax required to be paid will also be reflected in the Khatha
Extract, which will be arrived at after reassessment.
If you are
intending to make material alterations or proposing to construct a new building
on the property acquired by you, it is necessary for you to get the license and
plan approved by the local body within whose jurisdiction your property
falls. This can be obtained only after
depositing the prescribed fees. In order to get the License with approved plan
from the authorities, the Khatha of the property must stand in your name in the
revenue records of the concerned local body and up-to-date taxes ought to have
been paid. The normal procedure for securing License with approved building
plan is to obtain 10 sets of blue prints of plans from licensed
architect/building engineer.
Construction
has to be commenced after the license is obtained and should be completed
within 2 years from the date of obtaining the license and approved plan, which
will be stipulated in the Plan itself. However, you can get an extension if the
construction could not be completed within the stipulated period. Once the
construction of the new building is finished, you must get such a house/building
assessed afresh and pay taxes as determined by the concerned revenue
authorities.
After
Khatha is transferred in the name of the present owner, he has to ensure whether
the statutory payments/deposits in
respect of the property including the electricity charges are paid within the
stipulated time.
If fresh
or new electricity connection is to be obtained, it is essential to enlist the
services of a Licensed Contractor. The
amount of deposit to be made depends upon the requisitioned load or number of
kilowatts required. In case the property is already serviced with electricity,
an application has to be presented by the Purchaser in the prescribed form
before BESCOM or other authorities having competent jurisdiction, enclosing an
affidavit declaring that you are the present owner and by filling up the
particulars required in the application along with the consent letter of the
previous owner for such transfer. Subsequently, the electricity meter will be
transferred in the name of the Present Owner.
The
purchaser should also verify the statutory payments/deposits made by the
previous owner and collect such deposit receipts from him. For fresh
connections, it is desirable to enlist the services of a qualified plumber. In
case your property already has water connections, then same procedure as
required for change of power connection has to be followed. However, the
documents are to be presented before the concerned authority.
If the
purchaser is intending to purchase an apartment, it is also necessary that the
vendor has to issue a letter for transfer of corpus fund and club membership in
the name of the purchaser.
10. Bank Loan:
In case
the purchaser wants to avail bank loan then the purchaser is required to
deposit all the relevant title documents in original with the Bank and to
obtain endorsement to that effect from the concerned Bank. However, it is
advisable to keep xerox copies of such documents intended to be deposited with
the Bank for personal records.
Thus, mere
execution of the sale deed does not automatically confer the title in favour of
the purchaser. A person can enjoy legal and peaceful possession and enjoyment
of the property only after the post-registration activities are fully completed
and complied with.
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