If you are looking to sell your property, it is essential to register the agreement to sell. This agreement serves as a legal document that establishes the terms and conditions of the sale between the buyer and the seller. Registering the agreement to sell ensures that both parties are legally bound by the terms of the agreement and provides protection for both the buyer and the seller.
Here are the steps to register an agreement to sell:
Step 1: Prepare the agreement to sell – The agreement to sell should include the parties involved, the details of the property, the sale price, payment terms, and other relevant details. The agreement should be drafted by a lawyer and should be reviewed by both parties before signing.
Step 2: Pay stamp duty – Stamp duty is a tax levied by the state government on the sale of property. The amount of stamp duty varies from state to state. The stamp duty must be paid before registering the agreement.
Step 3: Register the agreement – To register the agreement, both parties must visit the local sub-registrar office and submit the agreement, along with the stamp duty receipt and other required documents. The sub-registrar will then verify the documents and register the agreement.
Step 4: Pay registration fees – The registration fee is a nominal fee charged for the registration of the agreement. The fee is usually a percentage of the sale price of the property.
Step 5: Collect the registered agreement – Once the agreement is registered, the sub-registrar will provide a registration certificate. This certificate serves as proof of registration, and both the buyer and the seller should keep a copy for their records.
In conclusion, registering an agreement to sell is a crucial step in the process of selling a property. It provides legal protection for both the buyer and the seller and ensures that both parties are bound by the terms of the agreement. By following the steps outlined above, you can register your agreement to sell and complete the sale of your property with confidence.