What is guideline value?
Guideline Value of any land should truly reflect the market value. Guideline values have been fixed for all the areas in the State. Well established residential areas have only street based guideline values. The guideline values have been fixed for each survey number. This will remain unchanged till the next revision. Higher value registration will not have not have automatic adoption for subsequent registration. This guideline value help the registering officer in the detection of prima facie under valuation of property.
What is encumbrance certificate?
The encumbrance certificate contains all the transactions registered relating to a particular property for a period (as required). It is advisable to get encumbrance certificate before effecting any transactions as it will give information about previous transactions. This will also help in arriving at proper entitlement of the property.
[font=""Verdana, Arial, Helvetica, sans-serif""]If I purchase an immovable property what I have to do to get it registered ?
Ans: The following steps are involved in registration process.[/font]
[list=1][list][*][font=""Verdana, Arial, Helvetica, sans-serif""]You have to ascertain the market value of the property to calculate the stamp duty, transfer duty, and registration fee payable on the instrument. The market value assistance counter in Sub Registrar (CARD) office will provide these particulars if you furnish the details of the property in whose jurisdiction, the property is situated.
[/font][/*][*][font=""Verdana, Arial, Helvetica, sans-serif""]Basing on the market value of the property you have to purchase the stamp paper. You can purchase the stamp papers at sub registrar office where stamp counters are existing or from the licensed stamp vendor.
[/font][/*][*][font=""Verdana, Arial, Helvetica, sans-serif""]Then the document has to be written and executed in the presence of two witnesses.
[/font][/*][*][font=""Verdana, Arial, Helvetica, sans-serif""]Necessary enclosures have to be enclosed to the document.
[/font][/*][*][font=""Verdana, Arial, Helvetica, sans-serif""]The document has to be presented to concerned Sub Registrar in whose jurisdiction the property situated.
[/font][/*][*][font=""Verdana, Arial, Helvetica, sans-serif""]Then the Sub Registrar will scrutinise the document regarding classification of the document and payment of proper stamp duty etc.
[/font][/*][*][font=""Verdana, Arial, Helvetica, sans-serif""]You have to pay the deficit stamp duty, if any.
[/font][/*][*][font=""Verdana, Arial, Helvetica, sans-serif""]The executant (Seller) should appear before the Sub Registrar and admit execution of the document. The two witnesses are required to be present before the Sub Registrar to authenticate the identity of the executant (Seller).
[/font][/*][*][font=""Verdana, Arial, Helvetica, sans-serif""]The SR endorses the admission of execution after following office procedures and he will add registration certificate on the document itself. Then the document will be returned to the claimant (Purchaser) or to his authorised agent.[/font][/*][/list][/list]
