Property Registry Types: Know which registry is safe, and which can be canceled – StudyToper

In today’s time, whenever a person thinks of buying or selling a property, first of all, his mind comes to mind. The registry is a process of legalizing the ownership of the property. But do you know that not all types of registry is safe? Some registries can also be canceled in future. In this article, we will tell you in detail about the type of property registration and their safety.

Overview Table: Property Registry Type

What is the registry?

Registry is a legal process in which property ownership is transferred from one person to another. This process takes place under Registration Act, 1908.

Benefits of Registry:

• The legal ownership of the property is obtained.
• Disputes are prevented in future.
• It helps to take a loan from the bank.

Which documents are necessary?

1. Aadhar card and PAN card
2. Identification proof of seller and buyer
3. Proof of stamp duty and registration fee
4. Presence of two witnesses

Property Registry Types: Which registry are there?

1. Sale Deed

It is the most important and safe type of registry. In this, the buyer gets full ownership of the property.
Benefits:

• Legal recognized
• The consent of both the seller and the buyer is required

2. Leasehold Property

It provides temporary ownership of property, which is usually given by the government.
features:

• Limited time ownership
• The property returns to the government when the lease is over

3. Notary Agreement

This is only an agreement and is not legally recognized. This can be challenged in court.
Danger:

• It is not safe
• It can be canceled in future

4. Gift Deed

This is the way to transfer property without any money.
Benefits:

• The possibility of dispute low
• Stamp duty looks less

5. will

This document is used for transfer of property after death.
Danger:

• This can be challenged in court

6. Power of Attorney

It provides temporary ownership, in which the person empowers someone else over his property.
Danger:

• It is not always safe

Which registry can be canceled?

Some types of registries may be canceled due to future disputes or legal reasons. As:

1. Notary Agreement: It can be easily challenged in court.
2. Power of Attorney: If not the right documents, it can be canceled.
3. Lease: It automatically canceled when the lease period ends.

How to do registration process?

Online process:

1. Go to the official website of the state government.
2. Upload the required documents.
3. Pay stamp duty and registration fee.
4. Go to the sub-registrar office and get the final verification done.

Offline process:

1. Go to the sub-registrar office.
2. Present all the documents.
3. Ensure the presence of witnesses.
4. Complete the process by paying the fee.

Registration fee and stamp duty

General Fee in India:

• Stamp Duty: 4% of the Property Price – 6%
• Registration Fee: 1% of property value

Example:

If the property costs ₹ 50 lakh:

• Stamp Duty: ₹ 2 Lakh – ₹ 3 Lakh
• Registration Fee: ₹ 50,000

Estate 2.0 Software: Ban on fraud

The Madhya Pradesh government recently launched the “Estate 2.0” software, which makes the property registration process digital and safe. Its benefits:

1. Prevention on forgery
2. Biometric verification
3. Online tracking facility

Important suggestions

1. Check its validity before purchasing the property.
2. Choose safe registries like cell deed or gift deeds only.
3. Avoid notary agreement or power of attorney.
4. Read and understand all the documents carefully.

Disclaimer:

The information given in this article is based on general knowledge. Seek expert advice before purchasing or selling any type of property. Always give priority to legitimate and safe registries so that any dispute can be avoided in future.