Tamilnadu Property Registration – Charges and Procedure
Tamilnadu Property Registration
The registration or transfer of property in Tamilnadu is managed by the Registration Department as per the Tamilnadu Registrations Act. In this article, we look at the Tamilnadu property registration charges and procedures in detail.
Property Registration Charges
In Tamilnadu, the charges for property registration are stamp duty at 7% on the market value of the property and registration fee of 1% of the value of the property. In case of property registration on account of the exchange of property, stamp duty at 7% on the market value of the higher value property and registration fee of 1% of the value of the higher value property.
Property Registration Procedure
The following steps must be followed to complete a property registration in Tamilnadu.
Property Due Diligence
Prior to negotiating the price of a property and/or entering into a property sale agreement, the buyer must first undertake a thorough due-diligence of the property to be purchased. Since property laws and procedures are complex, it is best to engage a qualified Lawyer specializing in property transactions from the relevant area to ensure smooth completion of the process. (Know more about the procedure for obtaining encumbrance certificate in Tamilnadu and checklist for property purchase).
Stamp Paper Purchase
Once thorough due diligence of the property is complete, and the decision is made to go ahead with the purchase, stamp paper must be purchased based on the property registration charges. Stamp paper vendors must sell stamp paper at face value of the stamp. The Sub Registrars, Treasuries, and Assistant Superintendent of stamps, Chennai also provide stamp papers along with the stamp paper vendors. Further, stamp paper is also available at the “Stamp Sales Depot” at 27, Rajaji Salai, Chennai 600001. The Sub Registrars, Treasuries, and Assistant Superintendent of stamps, Chennai also provide stamp papers along with the stamp paper vendors.
Preparing the Sale Deed
A professional must draft the sale deed after purchasing the stamp paper. The following personnel can prepare the sale deed:
- Licensed document writers
- Chartered Accountants having document writing license
It is very important to choose a professional with extensive experience for property purchases to ensure there are no defects in the sale deed.
Property registration in Tamilnadu must complete within four months of executing the sale deed. Delay in the registration of property documents attracts a penalty as below:
- Up to 1 week – 25% of the registration fee
- Up to 1 month – 75% of the registration fee
- For 4 months – 100% of the registration fee
The property registration must be completed at the Sub-Registrar’s office under its jurisdiction, the property is situated or in the District Registrar’s office of that Registration District. It’s important to note that property registration doe outside the state is null and void.
The Registrar returns the registered documents on the same day or within 3 days.
Documents Required for Property Registration
The Registrar receives the following documents for completing the property registration procedure:
- Duty stamped signed and executed document.
- The claimant of the sale document must also sign in the sale deed and also appear before the registering officer for registration of the sale deed.
- Patta transfer application with court fee
- PAN Card or Number
- Patta passbook
- An ID card for executant and claimant (for all deeds)
- An ID card for witnesses (for power deed only)
Contact IndiaFilings for help with property registration in Tamilnadu or to find Lawyers.