Below things to do when you go for property registration.
Once the property registration is complete, the government authority will return the sale deed to you with the official seal and registration number
After this, there are several crucial actions you need to take:
1. Make a Photocopy of the Sale Deed:
- Immediately make a photocopy (Xerox) of the sale deed.
2. Scan and Store Electronically:
- Scan the sale deed and securely store it in an electronic format, such as in your email or Google Drive. This is a critical step; take your time and ensure it’s done correctly.
3. Notarize a Copy:
- Visit a Notary to have a copy of the sale deed notarized (attested). This notarized document may be required for various purposes, including obtaining water and electricity connections, or transferring them from the builder’s name to your name
4. Document Handover Evidence:
- Have someone take a photograph of you handing over the sale deed to a bank representative. Make sure that the photograph captures the front page of the document. Having a witness in the photo ensures you have evidence of handing over the document.
5. Securely Store the Photo:
- Safely store this photograph in your email or Google Drive for future reference.
6. Submit the Sale Deed to the Bank:
- Hand over the sale deed to the bank representative.
7. Request “LOD” (List of Documents):
- Within 15 days, it’s your responsibility to obtain a “List of Documents” (LOD) from the bank. This document will list all loan-related documents held by the bank. This is essential as loan tenures are usually long, and in case documents get misplaced or lost, the LOD provides proof of the number of documents.
Once the documents are submitted to bank they do not give it to you unless you fully repay bank loan.
What the Bank Does on the Day of Registration?
It’s important to note that the bank does not assist with the property registration process itself. Instead, the bank reviews the sale deed to ensure the property is being transferred to the person who is receiving the bank loan. This review is carried out before the bank prepares a check for your home loan.
The responsibility for activities such as scheduling appointments at government offices, arranging an advocate, and ensuring the property is correctly registered rests with both the homebuyer and the builder.
The bank’s role on the day of registration typically involves two key steps:
I. Providing Payment:
A bank representative arrives at the registration office with a check for the sanctioned loan amount.
II. Mortgage Agreement: Another bank representative facilitates a mortgage agreement between the bank and you. This agreement is usually a standard document that you will need to sign.
It’s essential to have completed the first three steps outlined above before the bank representative arrives on the day of registration to collect the sale deed if you have taken a loan from the bank.
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