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GPA Registration in Ghaziabad
GPA stands for General Power of Attorney. It is a type of broad concept of Power of Attorney. Under this concept, anyone will get the legal ownership of the property on the behalf of the principal person. GPA is a separate type of Power of Attorney. In this discussion, we're going to discuss l Power of Attorney registration in Ghaziabad. So, if you're living in Ghaziabad and willing to know about GPA-related things like charges, Stamps, and any other details then you're at the right place. Here we're going to discuss General Power of Attorney registration in Ghaziabad. So, without wasting any time let's get started.
Power of Attorney ?
The concept of GPA derived with the
introduction of Power of Attorney. The power of Attorney is recognized as a
document that grants someone else to act on the property of someone legally. In
simple words, we can say that "Power of Attorney is a concept where a
person (Principal) provides full authorization to another person to act on his
property on his behalf legally.
To simply this concept it comes in 2 different types 1. Special power of attorney and 2. General Power of Attorney. Let's have a short discussion on the Special Power of Attorney and General Power of Attorney.
Special Power of Attorney
When the authority of the principal is given to a person (Someone else) to act on his behalf under the specified rights provided in the specified act it is called the Special power of Attorney. When the authority is being transferred for Sale of property, possession of an apartment then it is called the type of Special power of attorney.
General Power of Attorney
The General Power of Attorney provides full authority to act on all acts which are required or necessary to accomplish but that should be related to the subject matter. GPA provides the power related to the management of a property. Rent receiving, presentation of documents, and paying taxes.
For the registration of GPA, all the documents will be submitted to the office of the Sub-registrar. The power of providing authority to anyone is only in the hands of the Principal person who is the legal owner of the property.
The reason for presenting the power of
attorney to someone can be made for Managing the bank account, taking the
possession of an apartment, appearing for court registry, by the execution of
several types of a deed like a sale deed, gift deed, Lease agreement,
Mortgages, Settlements, Agreements, etc. The owner of the property has many
works for which he uses the concept of GPA.
So, here we have discussed the detailed introduction of GPA. Now, it's time to examine the GPA registration in Ghaziabad.
GPA Registration in Ghaziabad ?
The concept of GPA registration is very wide. This attains plenty of theories and concepts. In GPA registration you're going to get ownership of someone else's property. So, it takes time and potential to get done. Before discussing the registration procedure of GPA let's have an eye on the purpose of property registration in GPA.
Purpose of Property Registration
The transfer of immovable property to someone
else comes with many purposes which are listed below:-
● Deed registration becomes the permanent record in the records of the Sub-registrar once they get registered.
● It becomes an instrument that communicates to the public that the ownership is legally transferred from the principal to the buyer.
● It is proof that the transfer of property is done with the consent of the property.
● It reduces the event of fraud in the property. If any third party wants to buy the property then they can verify the status of the property.
● If the land comes under the category of agricultural land then also the buyer can check the status of the land.
These are the major reasons by which you people will use GPA to transfer the ownership of the property. Now, let's discuss what documents are required to complete the procedure of GPA registration.
Documents required
All the major documents which are required for the layers of stamp of GPA registration in the Ghaziabad area are listed below:-
● Sale Deed is required
● Certificate of power of attorney (Optional).
● Record of Latest bank statements.
● Agreement of sale between both the parties.
● Certificate of sanctioning of the building plan.
● Tax receipts for 3 months.
● Copy of the previous agreement on the property.
● Encumbrance Certificate.
● Possession certificate of the building and,
● Electricity bill.
The procedure of Registration of GPA in Ghaziabad ?
All the steps which are required to complete
the GPA registration in Ghaziabad are listed below:-
● Firstly, you have to prepare all the documents required for the presentation at the time of transferring Ownership.
● Now, you have to consult with a court marriage associate to prepare the documentation of GPA.
● The expert of associates will prepare the GPA agreement for you.
● Once the documents are completed then you have to complete the payment of nominal stamp duty and registration fee.
● In the office of the sub-registrar, you'll have to shoot all the documents with a dedicated stamp and witnesses.
● Make sure that the witness should bring their ID proof.
● The sub-registrar will verify all the documents and after verifying the details, your GPA will get registered by the Sub-registrar.
Hence, your work is done and your General Power of Attorney agreement gets done. The ownership of your property is now transferred to the other person. The official certificate of GPA will be issued within the time interval of 1 week. Overall, it is easy to work but you may face some difficulties in stamp processing.
Query:-
It is compulsory to have a GPA registration in Ghaziabad?
Yes, if you're living in Ghaziabad and owning a property then the registration of GPA is compulsory especially in the case of immovable property.
Registration Charges in Ghaziabad
While performing the GPA in the sub-registrar office, you have to pay the registration charges. You must know the charges which you have to pay while registering your GPA.
Firstly, you have to pay the stamp duty. We also discussed the stamp duty charges below. After the submission of stamp duty charges, you have to submit the registration charges. According to the updated rules "In Ghaziabad, the registration charges will be 1% of the sale value or market value whichever is higher"
Previously, the registration charges were fixed to 10,000 for the property with the market value of 10 lakh and 20,000 for the property more than the market value of 10 lakh. This rule got updated and now the owner has to pay 1% of the sale value or market value whichever is higher. Let us know with an example:- If the value of the property is 50 lakhs and then the owner will have to pay 50,000 registration fees only. Stamp duty charges will also get charged.
Stamp Duty charges
Every property owner will have to pay the Stamp Duty charges which are categorized as different percentages. See the below content to know the exact stamp charges of property.
● If the owner of the property (Principal) is a male then the Stamp duty charges will be 7% of the value of the property.
● If the owner of the property is jointly registered to male and Female then also the % of Stamp duty charges will be 7%.
● If the property owner is a female and the amount of the property is up to 10 lakhs then the Stamp duty charges will be 6% otherwise it will become 7%.
Calculation of Stamp Duty Charges with Registration Fees
Here, we're going to take an example that helps you to understand how easily you can calculate the amount which you have to pay for the General Power of Attorney. Suppose, your property is estimating the value of 30 lakhs then according to the rule, you have to pay 1% of registration fees which is 30,000, and 7 percent stamp duty which comes to 2.1 lakhs. In total this will cost you 2.4 lakhs.
GPA Property Registration in Ghaziabad | Property Registration in Ghaziabad
| GPA Registration in Ghaziabad | GPA Registration | GPA Property Registration | Property Registration
Important to know:-
Factors
Determining the Stamp Duty Charges
Some factors decide the amount of stamp duty charges. All the factors are listed below:-
● Status of property.
● Type of the property.
● Location of the property.
● Usage of the property.
● Age of the owner.
● And Gender of the property.
Vashisht Associates
We're Vashisht Associates and we're ranked as the best Associates in Ghaziabad for preparing GPA documents. We're working with extremely talented, experienced, and professional consultants and lawyers to provide the best services to our customers. If you're interested in the Creation of GPA (General Power of Attorney) but have any doubt in mind then do contact us and talk to our highly experienced consultants. We'll always try to serve you the best.
We not only promise to prepare the
documents/agreement of GPA in time but also help you to get your work done
without any hindrances. If you're interested then call us now Vashisht
Associates is a place that serves you the best.