Why Registration of Property is Important

Have you ever thought what the registration of property means? It is a legal procedure in which by paying a certain amount which is actually a percentage of the property value you get the property registered in your name. Thus you make the property legally yours. But if you fail to do so at the right time you are liable to pay a fine along with registration charges. It is not wise to escape the registration procedure as you may have to incur extra cost than usual. You cannot sell your property if you have not registered it at the time of buying it. It is considered that the previous owner of the property in whose name the property was registered before is the legal owner of the property if you have not registered it after buying it from him or her. Suppose if you have purchased an apartment in 1990 but forget or neglected to register it in your name and after 20 years you want to sell it then you cannot do so because you are not the legal owner of the property. The solution here is to register now the property that includes paying the registration charges applicable to the current value of the property plus the penalty for delaying the registration for a long time. In such cases the registration charges can go in lacs which were in thousands when the property was bought twenty years back. But after registering the property one can enter in any kind of sale, gift or lease transaction as now he or she is the legal owner of the property.Until you register your property in your name, the particular property belongs to the previous owner or the builder (in case you bought it first from the builder himself) legally. You cannot enter into any sort of property transactions like transfer, sale, gift or lease the property in future because you are not the registered owner of the property.  The first thing one must do after buying a property is to register and pay stamp duty on it.  If you fail to do so you are not saving anything but losing all the rights on the property. In case of any dispute on the property you have no right to interfere if you have not registered the property in your name. If you got delayed in registering the property due to any reason you can ask for four months grant for registration from the district registrar as usually you have to register the property within four months of completion of sale deed.  But in that case also you need to pay the delay charges or penalty along with the registration charges and this penalty can be 100 to 300 percent or more of the current registration charges on the property.  Currently the procedure of registering a property is a little complicated but some states are working in making the process simple and easy to perform so that people can easily register their properties without much difficulty and can escape from the problems raised due to not registering the properties. People can register online their properties sitting at home in Delhi region. They pay the registration charges by online transfer of registration charges thus no physical presence is required. It is easy and fast process but still needs to be introduced in other states of country.Ruchi Mahajanзайм на карту без отказов круглосуточновзять кредит онлайн