Rahul, a resident of NCR, has decided to purchase a residential flat in a newly developed real estate project. He has selected a property in Gurugram, developed by a reputed builder, ELF Builders Ltd. After several round

Conveyancing refers to the legal process of transferring the ownership of property from one party to another. This process ensures that the buyer gets a clear and marketable title to the property and the seller is legally relieved of any obligations related to the property. In property transactions, conveyancing typically involves the following steps: Preparation of Documents: Once the title search is verified, the relevant legal documents are drafted. This includes the sale deed and other related documents such as a no-objection certificate (NOC), Possession Letter as well as documents proving payment of stamp duty. Payment of Stamp Duty: In accordance with the Stamp Act, 1899, stamp duty must be paid on the sale deed based on the value of the property or the sale price, whichever is higher. The document is only legally valid after the stamp duty is paid and the document is properly executed. Registration of the Sale Deed: The sale deed must be registered at the sub-registrar's office under the Registration Act, 1908. Both parties, along with two witnesses, must be present for registration. Registration makes the transfer of ownership legally valid and ensures the buyer's rights are recorded. Transfer of Possession: After the sale deed is registered, the possession of the property is transferred to the buyer. This is a crucial step, as the buyer can physically take possession of the property only after the legal transfer has been completed. Post-Transaction Formalities: After conveyancing is completed, the buyer will ensure that the property is updated in the records of the local municipal or revenue office to reflect the new ownership.