Registration of Commercial Property
Why Choose Dastawezz ?
Usually, people get confused between the type of properties and are unaware about the various differences in registration and other compliances for residential and commercial establishments. It is mandated for commercial properties to be within commercially recognized zones. If not so, then commercial conversion is necessary. Registration of Commercial Property is an extremely complicated process with a lot of essential documents involved. It is essential that title of the property is duly verified by a lawyer, to check the validity of property lien, easements, covenants, conditions, and restrictions (CC&Rs), agreements, resolutions and ordinances that may affect the property in question.
The process is as followed:
- Circle Rate: The process begins by estimating the value of the property. This is determined by something called ‘Circle Rate’, which it the market rate set by the government. The estimate is based on the built-up area of the property or the size of the plot in the case of a plotted development.
- Stamp Duty: Once the area and estimated value has been determined. You shall pay the applicable stamp duty, which differs from state to state and also different property types.
- Sale Deed: It is the core legal document which initiates as well as acts as proof of transfer of ownership. Registration of sale deed is compulsory by virtue of the Registration Act, 1908, in order for the transfer to be successfully completed. Sale Deed contains all the terms and conditions of transfer along with other important information.
- Sub-Registrar’s Office: As mentioned above, a sale deed has to be registered. The parties have to visit the Sub-registrar’s office two witnesses for registration of the property, along with identity proofs and other documents. Upon registration, the buyer will receive get a receipt for payments, which has to be shown to collect the sale deed after 15 to 20 days.
ADVANTAGES / FEATURES
- Registration of property is mandatory
- The transfer of property only completes upon successful registration
- It creates a proof of transfer
- A transfer which is not registered would be held invalid
- Sale Deed Copy
- Aadhaar Card Copy
- PAN Card Copy
- Passport Size Photographs
- Municipal Tax Bill