Listed below are the ways by which one can acquire immovable property
- By way of inheritance
- By way of will
- Through purchase
- Grant by the government or court
- Through gift/settlement, trust,etc.
Procedure for property Registration
The registration process involves making a stamp duty and paying the requisite registration fee for sale deed and have the documents legally recorded with sub registrar of your area.
Property registration involves the following steps
Verification of the title of the property: the documentation of property varies based on whether the property has been bought from a developer or is it a secondary sale.
The Encumbrance Certificate: The most important is the EC or Encumbrance Certificate – this shows that the property you are going to buy is free from any legal or monetary liabilities (such as a mortgage or any loan).
Patta: As per now, properties or lands in Tamil Nadu can be registered by furnishing the Patta document and the parent documents of the land. Patta is the legal document issued by the state government of Tamil Nadu for the land owners. Land patta is essential for both vacant land as well as parcels with buildings and structures. It is a primary document affirming a lawful possession of the property. Besides, the name of the owner/s, it also includes land details such as the size and the type of the plot - commercial or residential.
Property Tax: Property tax is the amount that is paid by the land owner to the municipal corporation or the local government for his/her area. The tax must be paid every year. Property, office buildings, and residential homes that are rented out to third parties are considered as real estate assets.
Property tax is charged by the government on all tangible real estate that an individual owns. These real estate assets could include residential homes, office buildings and premises rented out to third parties.
Estimation of the property value: you have to estimate the value of the property in your area for paying the stamp duty. The stamp duty will be calculated a percentage of higher of the actual price paid for the property or the circle rate in your area.
Preparation of the stamp papers: you are now required to buy non-judicial stamp papers equivalent to the value of the stamp duty. You can purchase stamps online (e stamp paper) or from the licensed stamp vendors.
Getting the sale deed ready: this step involves preparation of the sale deed and get it typed on the stamp papers. It is prepared by an authorized attorney on behalf of the buyer. The subject on the sale deed varies on the nature of the transaction such as sale, power of attorney, mortgage, lease, release deed,etc.
Approach the sub-registrar for registration: now you have to take appointment with the sub-registrar for the registration of the sale deed. You have to go to the sub registrar office along with two witnesses. All the parties involved in the process need to carry their photographs and the identification documents.
Documents submission : along with the sale deed, you are required to submit the requisite documents such as No Objection certificate (NOC) if the building is located in the city collector’s land, Id and Address proof, DD or cash payment of the stamp duty.
Complete of registration: once all the documents are verified, the registration process will get completed. You can then collect the duly registered documents. The sub registrar will hand over the original documents while maintaining a copy of the documents with him/her.