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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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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 alongwith 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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What are
all the important documents one should check before buying any
property ? |
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A
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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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Who is
liable to pay Stamp Duty-the buyer or the seller? |
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A
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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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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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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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A
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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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Which are
the instruments that attract the payment of Stamp Duty
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A
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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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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.
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What are
the risks associated in buying a flat on Power Of Attorney (POA)
basis ? |
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Purchasing a
flat on a POA basis is not permitted under the law of the land.
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Is a POA
revocable ? |
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Yes, a POA
can be either revocable or irrevocable, depending on what sort of a
POA one has made.
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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 lessor / lessee
involved.
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How to
convert a POA flat into a Free Hold one ? |
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POA cannot
be converted into anything. Leasehold properties of DDA in Delhi can
be converted to freehold, as per provisions.
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How to
verify the authenticity of the various documents submitted by the
seller of the house, particularly with regard to the possibility
that the house has not been sold earlier to a third party
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Regarding
authenticity of documents, again, you have to take the help of an
advocate to verify.
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Do we
have any agency in Delhi which can provide a comprehensive service
under one roof for hassle free purchase of society flats for its
customers ? |
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Comprehensive services in the real estate sector are provided
by several brokers in various cities of India. In the directory of
services on our portal www.indiaproperties.com you can find a list
of them and you can contact them directly.
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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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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 genunity 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:
>
Approved plan of the building along with the number of
floors.
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Ensure that the floor that you are buying is approved.
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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.
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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.
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Check specifications given in the agreement to sell of the sale
brochure. Is he providing the same actually on the ground or
not?
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Check the reputation of the builder.
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Ensure that urban land ceiling NOC (if applicable) has been
obtained or not.
> NOC
from water and electricity authorities also have to be
obtained.
> NOC
from lift authorities.
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