The registration of a property involves adequate stamping and paying the registration charges for a sales deed and having it legally recorded at the sub-registrar’s office. If the property is purchased from a developer, registering the property amounts of an act of legal conveyance. If it is the second or third transaction for the property, it could involve a duly stamped and registered transfer deed. The process is now computerised in most states, and involves the issuing of a token number for registering the document on a specified date. The process can take anything from seven to fifteen days.
If a property that is under mortgage is to be registered, the mortgaging bank will require an NOC from the housing society in a prescribed format. It would then initiate the loan disbursement, depending on the repayment eligibility of the purchaser. The document will be duly registered on bank’s confirmation of disbursement to the seller after obtaining all the originals from the sub-registrar’s office. The housing society will need to receive an intimation, without which the existing owner cannot create any third-party lien or exercise any right to further sell or grant a leave and license.