What is E-Stamp Paper?
Mostly all of us aspire to own a home and when we do so we put in our hard-earned money in owning our dream home. Property registration is an essential part of the home-buying process. There are many stages to the home-buying process and registration is probably the most complex in nature. Hence, it's very important to be aware of frequent errors and omissions which could be corrected at the right time.
1. Property details: One should be highly vigilant of the property details present in the Sale Deed document which would be registered. It should be 'identical' to the old Sale deed document. Many times, errors occur in the square feet/area of the said unit in terms of Built-up / Super built-up area. A thorough review of the Schedules of the Sale Deed is something which should NOT be disregarded.
2. Vendor & Purchaser Personal Information: Besides the details pertaining to the property, the personal information should be verified meticulously. It has been seen often that the Vendor details are entered as per their Aadhar card or records in the respective bank account which is again an incorrect way of putting the seller's information in the deed. Vendor's personal information should be strictly as per the old Sale Deed Document.
3. List of original documents/ handing over a list: Do not walk by post registration without receiving a proper handover list of the original property documents for your records.
4. Guidance value/circle rate: The guidance value is the minimum rate at which a property can be registered at the time of sale. Every so often, the guidance value gets updated in government records. Not holding the right information about the guidance value may surprise you at the time of registration since the registration and stamp duty of the property is required to be calculated and paid on the market value or guidance value whichever is high. Home buyers are advised to thoroughly check this aspect from their legal advisors / Jurisdictional Registrar offices and ensure that the stamp duty has been paid on the correct figure failing which there can be a huge delay in the registration.
5. Document Summary Report: Verifying every word attentively in Document Summary Report is of utmost importance. Parties rush through this report and overlook major errors. For example: Apartment Complex name might be entered as 'Purva Rivierq' instead of 'Purva Riviera' OR the 'Built-up' area is incorrectly stated as 'super built-up' area or vice versa OR the car parking is mentioned as 'open' instead of covered. The impact of these is huge and should be paid attention to.
6. GPA adjudication is a MUST: Any GPA (General Power of Attorney) coming from outside India is required to be properly stamped and adjudicated. For instance, if a required stamp/notarisation/ apostille is missing in the GPA, it could be rejected at the Registrar office resulting in a halt of the registration process.
7. Original GPA: Now and then, the registration happens via GPA. We have come across that the actual attorney holder does insist to keep the original GPA which is actually not the right practice. The Buyer should retain the original GPA besides all the original documents as the best practice.
8. Signing the Sale Deed: The sale deed should not be signed by the buyer before the lawyer has verified the original documents.
