Purchasing a flat in Bangladesh is a significant investment, and registering the property legally is essential to establish ownership. The flat registration process involves several steps that ensure legal compliance and secure the buyer’s rights.
Here’s a comprehensive guide to help you understand the process smoothly.
Step 1: Sale Agreement and Payment
The process begins with signing a Deed of Agreement between the buyer and the seller, outlining the terms and conditions of the purchase.
This agreement includes details such as the property’s location, price, payment schedule, and transfer process.
After signing the agreement, the buyer makes the necessary payments as per the agreed schedule.
Step 2: Conducting a Property Verification
Before proceeding with the registration, it is crucial to verify the legal status of the flat. This includes checking the following:
Title Deed: Ensures the seller has the legal right to sell the property.
Mutation Certificate: Confirms the ownership record in government records.
Khatiyan (Record of Rights): Establishes the property’s history and ownership.
Tax Clearance: Ensures there are no outstanding municipal taxes.
Rajuk or CDA Approval: Verifies building plan approvals from regulatory authorities (if applicable).
Step 3: Preparing the Sale Deed
Once the property verification is complete, a Sale Deed (Bai-Nama) is drafted. This document officially transfers ownership from the seller to the buyer.
The Sale Deed must be printed on government-stamped paper as per the required value.
Step 4: Paying Registration Fees and Taxes
The buyer is required to pay several government-imposed fees to complete the registration process. These include:
Stamp Duty (3% of the property value)
Registration Fee (1% of the property value)
VAT (3% of the property value, if applicable)
Gain Tax (4% if applicable, paid by the seller)
Local Government Tax (varies based on location)
Step 5: Signing and Registering the Sale Deed
The buyer, seller, and witnesses must be physically present at the Sub-Registrar’s Office to sign the Sale Deed. The Sub-Registrar will review the documents and validate the transaction.
Once verified, the Sale Deed is officially registered.
Step 6: Data Entry and Issuance of Registration Certificate
After the registration, the Sub-Registrar’s Office scans and records the property details and the transaction.
Upon successful completion, the buyer receives a Registration Certificate, which serves as official proof of ownership.
Step 7: Collection of Registered Documents
The final step is collecting the registered Sale Deed from the Sub-Registrar’s Office. It is essential to store this document securely, as it is required for future property transactions, legal purposes, and obtaining home loans.
Conclusion
Navigating the flat registration process can be complex and time-consuming. KHL provides expert assistance to ensure a hassle-free experience.
From legal verification and document preparation to handling registration procedures, our team ensures that your property registration is completed smoothly and efficiently.
For professional guidance on registering your new home, contact Kopotakkho Homes Limited today!
Frequently Asked Questions (FAQs)
How long does the flat registration process take in Bangladesh?
The timeline for flat registration can vary depending on factors like document verification, land records, and government processing. On average, it can take 4 to 8 weeks to complete.
What are the additional costs of flat registration apart from the government fees?
Besides registration fees, buyers may need to pay for stamp duty, legal service fees, notary charges, and potential bribes in certain cases.
Can a foreigner buy and register a flat in Bangladesh?
Yes, foreigners can purchase apartments in Bangladesh, but they must bring funds through legal banking channels and may face restrictions on land ownership. Consulting a legal expert is recommended.
What happens if a flat is not registered properly?
If a flat is not legally registered, the owner does not hold full ownership rights, making it difficult to sell or transfer the property. It may also lead to legal disputes in the future.
Is it possible to transfer the ownership of a registered flat to another person?
Yes, a registered flat can be transferred through a deed of gift, sale, or inheritance, but the new owner must update the ownership records at the Sub-Registry Office.
