Possession vs Registry: A Must-Know for Homebuyers

When purchasing a flat or house, understanding the distinction between possession and registry is crucial. Both play significant roles in ensuring your property ownership and rights. Here’s a detailed explanation to help you make informed decisions.

What Is Possession in Property Transactions?

Possession refers to the handover of the physical property to the buyer. This step occurs when the builder or seller has completed the property for use and hands over the keys to the buyer. While possession allows you to live in or use the property, it does not serve as complete proof of ownership.

Key Points About Possession:

• The buyer receives physical control of the property.
• A possession letter should be obtained to certify the transfer.
• It does not confer legal ownership rights.

What Is Registry in Property Transactions?

Registry is the legal process through which the property is officially registered under the buyer’s name. This is conducted at the local registry office and involves paying stamp duty and registration fees. Only after the registry is completed does the buyer become the legal owner, gaining all associated rights over the property.

Key Points About Registry:

• Establishes legal ownership of the property.
• Requires proper documentation, such as a sale deed, NOC, and builder approvals.
• Involves financial obligations like stamp duty and registration fees.

Essential Checklist When Buying a Flat or House

1. Possession Letter: Ensure you receive a possession letter from the seller, certifying that the property has been handed over to you.
2. Registry Documents: Verify all documents required for the registry process, including the sale deed and necessary approvals.
3. Legal Consultation: Seek advice from an experienced lawyer to avoid potential disputes or legal issues.
4. Stamp Duty and Fees: Confirm that stamp duty and registration fees have been accurately paid.
5. Occupancy and Completion Certificates (OC and CC): For flats, ensure you obtain the OC and CC from the builder to confirm the legality and readiness of the property.