Sale agreement registration charges in Bangalore
If you are planning to buy or sell a property in Bangalore, it is important to consider the registration charges for the sale agreement. In fact, registration charges are mandatory for all property transactions in Bangalore and it is important to know about them before closing the deal.
What are sale agreement registration charges?
Sale agreement registration charges are the fees paid to the government for registering the sale agreement of a property. The sale agreement is a legal document that defines the terms and conditions of the sale and transfer of ownership of the property. It is a crucial document that protects the interests of both the buyer and the seller. The registration of the sale agreement is done in the sub-registrar office of the jurisdiction where the property is located.
How are sale agreement registration charges calculated in Bangalore?
In Bangalore, sale agreement registration charges are calculated based on the value of the property and the stamp duty. The stamp duty is a tax levied by the government on the transaction value of the property. The sale agreement registration charges are calculated as a percentage of the stamp duty and are usually around 1% of the stamp duty value.
For example, if the stamp duty for a property is Rs. 10,00,000, the sale agreement registration charges would be Rs. 10,000 (1% of Rs. 10,00,000).
What are the documents required for sale agreement registration in Bangalore?
To register the sale agreement of a property in Bangalore, the following documents are required:
1. Sale agreement signed by the buyer and the seller
2. Sale deed of the property
3. Property card or extract
4. PAN card of both the buyer and the seller
5. Address proof of both the buyer and the seller
6. Passport size photographs of both the buyer and the seller
It is important to note that the registration of the sale agreement must be done within four months of the date of execution of the agreement. If the registration is not done within this period, the parties would need to approach the sub-registrar for an extension.
Sale agreement registration charges are an important consideration for buying or selling a property in Bangalore. It is essential to know the charges and the process of registration before entering into a property transaction. The above information helps to understand the process and requirements of sale agreement registration in Bangalore.