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Legal Guide

Documents to be verified before Purchase of a Flat?

Before you purchase a flat, you have to have a title and document scrutiny 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.

What are all the important documents one should check before buying any property?

If you want to purchase a property, you have to look at the approved layout plan, approved building plan, ownership documents, Encumbrance Certificate, etc. Contact an advocate before you purchase a property so that he can advise you.

Who is liable to pay Stamp Duty the Buyer or the Seller?

The liability of paying Stamp Duty is that of the buyer unless there is an agreement to the contrary.

The Stamps are required to be purchsed in whose name?

The Stamps are required to be purchased in the name of any one of the executors to the instrument.

What is meant by the market value of the property and whether Stamp Duty is payable on the market value of the property or on consideration as stated in the agreement?

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.

What is the prevailing practise for fixing guideline value in sale of flats in the case of Newly Built Flat or Old Flat?

a) When a newly built flat is registered the stamp paper is to be paid for the undivided share of land which is to be conveyed. b) When an old flat is registered the Stamp paper is to be paid for the total consideration. (i.e. for the land and building).

Which are the instruments that attract payment of Stamp Duty on?

The instruments like Conveyance Deed, Exchange of Property, Gift Deed, Partition Deed attracts Stamp Duty on market value of the property.

Who is the appropriate authority for knowing the market value of the property?

The Sub-Registrar / District Registrar of the area in whose jurisdiction the property is located is the appropriate authority for knowing the market value of the property.

What exactly do we mean by a Free Hold Flat? What are the advantages and disadvantages, if any?

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.

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?

Regarding authenticity of documents, again you have to take the help of an advocate to verify.

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 genuinity of the builder?

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. Ensure that the Floor what you are buying is approved. 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. Check Specifications given in the Agreement to sell off the Sale Brochure. Is he providing the same actually on the ground or not? Check the Reputation of the Builder.

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Page Last Updated on: 13th June 2024