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For Buy a Property |
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1. Which documents are to be verified before purchase of a Flat
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Before you purchase a flat, you have to have a title and
document search conducted by a competent advocate. You cannot do
it yourself. You have to use the services of a competent
advocate. It is a professional job to be done with professional
assistance. |
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2. What is the difference between built up area, super built up
area, and carpet area? |
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Carpet Area: This is the area of the apartment/building which
does not include the area of the walls. Built up Area: This
includes the area of the walls also Super Built up Area: This
includes the built up area along with the area under common
spaces such as the lobby, lifts, stairs, etc. This term is
therefore only applicable in the case of multi-dwelling units. |
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3. What are all the important documents one should check before
buying any property ? |
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If you want
to purchase a property, you have to look at the approved layout
plan, approved building plan, ownership documents, carryout
search, etc. Contact an advocate before you purchase a property
so that he can advise you. |
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4. Who is liable to pay Stamp Duty-the buyer or the seller? |
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The liability of paying stamp duty is that of the buyer unless
there is an agreement to the contrary. Section 30, of Bombay
Stamp Act, 1958 states the
liability
for payment of stamp duty. |
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5. In whose name are the stamps required to be purchased ? |
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The stamps are required to be purchased in the name of any one
of the executors to the Instrument. |
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6. What is meant by the market value of the property and is
Stamp Duty payable on the market value of the property or on
consideration as stated in the agreement ? |
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Market value means the price at which a property could be bought
in the open market on the date of execution of such instrument.
The Stamp Duty is payable on the agreement value of the property
or the market value which ever is higher. |
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7. Which are the instruments that attract the payment of Stamp
Duty ? |
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The instruments like Agreement to Sell, Conveyance Deed,
Exchange of property, Gift Deed, Partition Deed, Power of
Attorney, settlement and Deed and Transfer of lease attract
Stamp Duty on market value of the property. |
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8. Who is the appropriate authority for knowing the market value
of the property ? |
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The Sub-Registrar of the area, in whose jurisdiction the
property is located, is the appropriate authority for knowing
the market value of the property. But he gives only the
government official rate. The actual market rate, which infect
will be much higher than the government rate, can be obtained
from known and reliable agencies like www.zameenjayadaad.com. |
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9. What exactly do we mean by a Free Hold flat? What are the
advantages and disadvantages, if any ? |
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A
freehold property (plot or a flat) is one where there is a whole
and sole owner(s), ownership is full and unconditional (within
the provisions of the laws of the land) and there is no lesser /
lessee involved. |
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10. A flat in a Co-op Hsg. Society is to be gifted. What are the
legal formalities? What about stamp duty ? |
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Gift of an immovable property is considered as a 'transfer'
under the provisions of the TOP Act and you have to have the
transaction registered through a Gift Deed and pay stamp duty as
per provisions of the relevant stamp act depending in which
state the property is situated. |
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11. Upon buying a flat from a builder in a building under
construction, what are the permissions and papers that one
should check with the builder,
so as to ascertain the genuinely of the builder ? |
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When you are buying a flat from a builder in a building under
construction, you have to check the following: |
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1.
Approved plan of the building along with the number of floors.
2. Ensure that the floor that you are buying is approved.
3. Check if the land on which the builder is building is his or
he has undertaken an agreement with a landlord. If so, check the
title of the land ownership with the help of an advocate.
4. Check the building byelaws as applicable in that area and
ensure that the builder is building without any violation of
front setback, side setbacks, height, etc.
5. Check specifications given in the agreement to sell of the
sale brochure. Is he providing the same actually on the ground
or not?
6. Check the reputation of the builder.
7. Ensure that urban land ceiling NOC (if applicable) has been
obtained or not.
8. NOC from water and electricity authorities also have to be
obtained.
9. NOC from lift authorities. |
