We generally tend to delay matters that don’t require our immediate attention. Isn’t it true for you as well? It’s a common phenomenon amongst people. For example, studying one day before exam or booking tickets at the last minute. Most of us wait for the last minute to carry out certain tasks. However, for some situations, this may prove extremely dangerous.
Buying a property is also a huge task. Certain decisions executed at the right time are always fruitful. Herein Prosperty Property Managers Chennai plays a pivotal role in the entire management system.
One small slip- be it a typographical error or delay in registering documents, brings along unending legal battles. Meaning, improper or incomplete documents often lead to court battles. Having Prosperty Real Estate Agents in Chennai to deal with it is better.
What Does Registration Mean?
Registration of a property simply means recording or inserting the entry in an official register. Therefore, registering your respective property strongly stands in favor of the purchaser.
As a result of property registration, the ownership details are in the public record and stand as conclusive proof of title. Having Prosperty Real Estate Agents in Chennai is like a dream come true! Because they can handle the nitty-gritty easily for you.
Why Should You Register Your Property?
In simple terms, when you register your property it protects you. Without registration, it means that you don’t have any right, interest, or ownership in the same. The reason behind this is that the deed or the instrument is merely a document of title to the property. It’s nothing more than that. Prosperty Property Managers Chennai can thoroughly explain how this is an important step.
And having the expertise of Prosperty Real Estate Agents in Chennai can help you understand better and faster. The property has to pass through the mandatory operation of registration to confer absolute ownership. Incorporating this step in your process will help you in the long run. The consequences of not carrying out this task are not at all good.
What Should You Always Remember?
Well always remember one thing that only signing an agreement to sell isn’t enough. However, registering this agreement would hold as a provisional document that would protect your transaction. While most of the buyers don’t register the agreement to sell, they don’t forget to do this. Prosperty Property Managers Chennai would remind you at the right time when to do what.
Also the moment the construction is complete, the developer has to secure a Completion Certificate. Only after obtaining this document can they hand over possession to the buyers. The most important step is to ensure this certificate is in place before taking possession. In an unregulated market, many development authorities delay this document.
As a result, many developers hand over possession to the buyers before the certificate is obtained. What most people don’t understand is that there are many legal implications to this. Prosperty Real Estate Agents in Chennai can explain this properly. Because without a Completion Certificate, the project is still under development. Not only is that the official status but it also attracts service taxes. Yes, that’s right!
How Can Things Go Haywire?
Make sure you note that only once the property is out of the development cycle, can things get official. Meaning once the work is complete, only then the registration process can start in the name of the buyer. So make sure you know these details. Or else things can go haywire easily. The best way out here is to hire Prosperty Property Managers Chennai.
The registration is official generally after four months of taking possession of the property. Since the stamp paper is valid for four months only, hence four months stated above. Otherwise if the period lapses, it will have to get re-drafted. Having Prosperty Real Estate Agents in Chennai can ensure such silly mistakes don’t take place.
Another aspect through which things can get haywire is that an agreement with a blank date is no agreement. Yes, you heard that right! And therefore it’s difficult to enforce it via any means. Also, make sure you read the agreement
carefully. It is always a good idea to get the legal expert to go through it. Prosperty Property Managers Chennai have a team of experts who are the best. Because expecting a layperson to understand the nuances of the terms is too much.
Other Charges That You May Incur
Well while registering a property, you may come across a host of transaction charges. And the more you know about them earlier, the better it is. Isn’t it? This includes charges for registration, stamp duty, water and electricity meters, parking slots, external and internal development, service tax, etc. Prosperty Property Managers Chennai can assist you with the details of these.
Many of these charges are payable to the municipal authorities directly. Whereas some charges are payable to the developer. After you take possession, the other routine charges would fall differently. Also, the application form available at the time of launch has a clause explaining the super area loading of the property. If you cannot see it readily, then you are well within your rights to insist on the information. You can also ask the developer to spell out the components of the loading are. Prosperty Real Estate Agents in Chennai can also assist you with it.
Knowledge Is Power
Once you are aware of exactly what you have paid for, remain vigilant. Make sure that no one violates your rights as per the documents. Believe it or not, there are several instances in the past of developers doing a scandal here. They short-change the buyers after charging them for facilities that were part of the super area.
And later they shave off a portion of that land for newer facilities. Residents have had to fight for their rights. Prosperty Property Managers Chennai would ensure you don’t go through such a tough time. Blindly trust them and go with them. Their expertise and experience in this field are simply inspiring!