The process of buying a property in Kerala can be both exciting and overwhelming. To ensure a smooth and stress-free transaction, it is critical to understand all of the legal requirements involved. At Noel Builders, we believe in educating our clients on the ins and outs of buying property in the state, so they can make informed decisions. In this blog, we’ll take a closer look at the legal process for buying a property in Kerala, including registration and stamp duty.
The first step is to conduct an extensive title search on the property. This will assist you in determining whether the seller is the rightful owner and whether the property is subject to any encumbrances or disputes. You can do this by going to your local revenue office or by hiring a lawyer. Once you’re satisfied with the ownership details, you’ll need to enter into a sale agreement with the seller. This agreement should be in writing and should include the terms and conditions of the sale, such as the purchase price, payment schedule, and any other pertinent information. It is critical to thoroughly review the agreement and have it reviewed by a lawyer before signing it.
After that, pay the stamp duty and register the property. Stamp duty is a government tax levied on property transfers that must be paid within 30 days of the execution of the agreement for sale. The stamp duty rate in Kerala ranges from 4% to 7% and is determined by the property’s sale price and location.
The final step in the legal process of purchasing a property in Kerala is property registration. This entails submitting the agreement for sale, along with the necessary documents, to the local sub-registrar’s office. Proof of identity and address for both the buyer and seller, proof of title to the property, and the agreement for sale are all required documents. Be patient and keep track of the registration process, which can take several weeks. You will receive a copy of the registered document as proof of ownership once the property has been registered. Finally, purchasing a home in Kerala necessitates a great deal of patience and attention to detail. To ensure a stress-free transaction, it’s critical to understand the legal requirements involved. We at Noel Builders are dedicated to guiding our clients through the process and providing them with all of the information they require to make informed decisions about purchasing property in the state.
