A real estate property is accompanied with several legal rights which are due to the buyer by claim or legal guarantee. The ownership is being transferred with the registration of the real estate property which could be anything like independent villa, apartments etc.
‘Devika Pragati Group’ recommends having a fair knowledge about the property registration.
- In a real estate property transaction, the registration of the property is the last lap of the deal between the buyer and the seller. It is a full and final agreement signed between the two parties. The buyer legally becomes the owner of the apartment once the registration is submitted at the local registrar's office.
- Registration of the documents relating to the transfer, sale, lease or any other form of disposal of a real estate property is compulsory under section 17 of the Indian Registration Act, 1908.
- The document check process can really be extensive and long drawn which will vary depending on whether the property is being transferred from the developer or if it is a secondary sale. But once a property gets registered, it means that the person in whose favor the property is registered becomes the lawful owner of the premises and is fully responsible for it in all respects.
- The registration of a property involves adequate stamping and paying the registration charges for a sales deed and the same has to be legally recorded at the sub-registrar's office.
The legal or registered owner of the real estate property enjoys the right of possession, control, exclusion and disposition of the property. The holder of the property title has the right to sell, rent, mortgage, lease or transfer ownership or use of the property at his/her own will. So the buyers must get the registration process done carefully.