It is mandatory for the sale deed of all high value property transactions to be registered at the regional sub registrar's office of the local municipal authority. Thereafter, the buyer has to apply for mutation, which involves a change in the title records to incorporate the name of the buyer of the property. In order to complete the transfer of property, it is mandatory for the seller to furnish or arrange a valid "certificate of completion" issued from the local municipal authority to the buyer.
Registration of the property is a full and final agreement signed between two parties. Once a property is registered, it means that the property buyer in whose favor the property is registered is the lawful owner of the premises and is fully responsible for it in all respects. The law does not recognize unregistered owners and does not give them any rights over the property. Therefore, Registration of Property is Compulsory to prevent fraud or future litigation.
Whenever a property buyer buys a piece of land/immovable property, he/she needs to register the same with the authority concerned. Once a property is registered, it means that the property buyer in whose favor the property is registered is the lawful owner of the premises and is fully responsible for it in all respects. Through registration of Sale deed, a person is able to acquire the rights of the property on the date of execution of the deed.
Registering the documents relating to the transfer, sale, lease or any other form of disposal of a property is compulsory under section 17 of the Indian Registration Act, 1908. The aim of the registration is to prevent fraud, in addition to create and maintain an up-to-date public record. The registration can take place at the Sub-Registration Office within which the property is located or in the District Sub-Registrar Office of the District where the property is located.
Mutation is the change of title ownership from one person to another when the property is sold or transferred. By mutating a property, the new owner gets the property recorded on his name in the land revenue department and the government is able to charge property tax from the rightful owner. The documentation procedure and the fee payable vary from state to state.
Documents required for Mutation:
o Copy of Sale Deed
o Application for mutation with court fee stamp affixed on it
o Indemnity bond on stamp paper of requisite value
o Affidavit on stamp paper of requisite value
o Receipt of up-to-date property tax payment