It is important to know the questions as well as the answers for a property-owner, who must enjoy the privilege of ownership with a sense of responsibility .

Record your deals and deeds well

Ownership of a property is about proving it well so that transactions and inheritances go without glitches. We tell you how to go about this When a property is bought, the "sale deed" has to be registered with the Registrar of Assurances to protect and safeguard the in- terests of the intending purchaser

Registration is the process of recording a document that transfers the title of an immovable property from a seller to a buyer. It acts as proof that a transaction has taken place.

Says Naresh Malkani, Chief Executive Officer, Indiaproperties.com, "The registration of a document serves as a legally recorded transaction to the persons affected by the transaction. It also serves as an official and formal transfer of ownership interest in a property from a seller to a buyer. Any unregistered sale or purchase deed is treated as an invalid document." The purpose of registration is to ensure that every person dealing with property acknowledges under oath that the contents of the agreement are legal and binding.

Upon registration, a receipt acts as proof and evidence that a document has been registered. When a property is bought, the "sale deed" has to be reg istered with the Registrar of Assurances to protect and safeguard the interests of the intending purchaser or transferee.

The procedure for registration is as follows:

ABCs of owning a house

• For registration, the document should be typed/printed on one side only and sub mitted along with a photocopy of the original to the Registering Officer. The copy should be photocopied only on one side, with a butter paper in-between copies - to prevent the typed matter from getting smudged. The copies need to be bound in a particular manner as well.

• Stamp duty according to govern , ment valuation or actual consideration, whichever is higher, is required to be paid on the same day or a day before registration. The document is prepared on a stamp paper or franked at a bank or a sub-regis trar's office.

• A no-objection certificate (NOC) from the society is applica ble if the property is located in a co-operative society Or if the society is not formed, the purchas er needs to obtain the NOC from the builder.

• The document is signed after the seller receives 100 per cent consideration from the buyer. It is advisable to register the document the same day Charges for registration vary between states; for instance, those in Maharashtra pay one per cent of the value of the property subject to a maximum of Rs 30,000.

• The document should be registered within four months of signing the document. Else, the registrar can complete the for mality subject to payment of a fine. The fine cannot exceed 10 times the registration fee.

• For registration purposes both the buyer and seller need to be physically present before the sub-registrar or the competent authority The clerk . stamps and numbers the document and forwards it to the regis trar for his/her signature.

• In most states, a photograph of the buyer and seller is taken along with their thumb impression and/or signature.

• The document is then scanned and the buyer gets the original copy the same day This may vary . from state to state, taking three to seven days.

• The receipt should be preserved. At any time in the future if a reference needs to be made, the original receipt is required to be produced to the registrar.