The Blueprint for a Seamless Property Transaction: Mastering Haryana’s Property Papers ABCs
Property papers are the essential documents that prove your ownership of a property. They are also required for any legal transaction involving property, such as buying, selling, or renting. It is important to understand the different types of property papers and how to use them correctly.
When it comes to real estate transactions in Haryana, India, a solid understanding of the essential property documents is the key to a smooth and secure deal.
- Agreement to Sell:
The foundation of any real estate transaction, an Agreement to Sell outlines the terms and conditions agreed upon by the buyer and seller. In Haryana, this document is crucial, serving as the precursor to the Sale Deed. It typically includes details such as the property description, sale consideration, and the timeline for the final sale.
- Builder-Buyer Agreement:
For those buying property from a developer, a Builder-Buyer Agreement is a must. This document outlines the project details, possession date, and the responsibilities of both parties. In Haryana, it is essential to scrutinize this agreement thoroughly, ensuring that all promised amenities and specifications are clearly mentioned.
- Sale deed:
This is the most important property document, as it is the legal evidence of your ownership of the property. It should contain all the details of the property, such as the location, area, and boundaries. It should also be signed by both the buyer and seller and attested by two witnesses.
- Title Deed:
Perhaps the most critical document, the Title Deed establishes ownership of the property. In Haryana, it is essential to trace the title of the property for at least 30 years to confirm clear ownership. The Title Deed should include details of previous transactions, mutations, and encumbrance certificates.
- Encumbrance certificate:
This document shows whether there are any mortgages or liens on the property. It is important to get an encumbrance certificate before buying a property to ensure that it is free from any legal encumbrances.
- Completion Certificate:
In Haryana, the Completion Certificate is a vital document issued by the local development authorities. It certifies that the construction is in compliance with the approved plan and is ready for occupation. Before finalizing any deal, ensure that the seller provides this certificate, ensuring that the property is legally fit for occupancy.
- Property tax receipt:
This receipt shows that you have paid your property taxes. It is important to have an updated property tax receipt to avoid any penalties.
Property papers are essential for any real estate transaction. It is important to understand the different types of property papers and how to use them correctly. By keeping your property papers in order, you can ensure a smooth and hassle-free real estate transaction.
Haryana Property Law
In addition to the above, the following are some specific points to keep in mind regarding property law in Haryana:
- All property transactions in Haryana must be registered with the sub-registrar’s office.
- The stamp duty and registration charges for property transactions in Haryana are as follows:
- Stamp duty: 5% of the market value of the property
- Registration charges: 1% of the market value of the property
- The following documents are required for registering a property in Haryana:
- Sale deed
- Identity proofs of the buyer and seller
- No Objection Certificates (NOCs) from any relevant authorities
- Building plan
- Identity proofs of two witnesses
- The time limit for registering a property in Haryana is four months from the date of execution of the sale deed.
Don’t let the process of buying or selling a home stress you out! I am here to answer all of your questions and guide you through the process. Follow me on Twitter @jposwal