The activities to be undertaken by the purchaser of immovable property can be broadly classified into:
- Pre-registration Requirements
- Post-registration Requirements
The activities to be undertaken by the purchaser of immovable property can be broadly classified into:
Pre-registration activities involve identifying the location of the property, ascertaining the valid and marketable title of the Vendor, Legal scrutiny report, Mode of payment, Sale Agreement, etc. Before registration of the sale deed, it is very important to verify all the original.
As the purchase of a property involves investment running into lakhs of rupees, availing the services of an Advocate having sufficient experience in property transactions would immensely help the intending purchaser in protecting his right, title and interest in the property.
Post registration activities are the steps to be undertaken by the purchaser after registration of the sale deed. There are certain requirements to be fulfilled in order to get valid title and to exercise ownership over the immovable property by the Purchaser. The following are the essential activities required to be carried out by the purchaser:
The following is the procedure involved for transfer of Khatha:
Local bodies transfer Khatha in the name of the Purchaser after collecting a transfer fee, which is generally 2% of stamp duty paid on the sale deed and then issue written confirmation of transfer in the name of the purchaser. While transferring the Khatha, local bodies, re-assess the property and issue assessment notice in the name of the Purchaser; further, tax paid receipt should be in the name of the new owner.
For the properties coming within the jurisdiction of BBMP, Computerized Khatha Certificate and Khatha Extract will be issued. Khatha Certificate is an authenticated document to prove the ownership and possession of a particular person over the immovable property. While Khatha Extract reflects the actual ‘sital’ area and built up area, if the building is existing. Further, property tax required to be paid will also be reflected in the Khatha Extract, which will be arrived at after reassessment.
Thus, mere execution of the sale deed does not automatically confer the title in favour of the purchaser. A person can enjoy legal and peaceful possession and enjoyment of the property only after the post-registration activities are completed.