1. What are the documents to be verified before purchasing a flat?
Before purchase a flat you must have a title and document search conducted by a competent advocate. This is not simple and easiest process therefore you cannot do it yourself. You have to use the services of a competent advocate. it is a professional job to be done with the professional assistance
2. What is the difference between built up area, super built up area and carpet area?
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.
Carpet Area: this is the area of the apartment/building which does not include the area of the walls
3. How can verify the authenticity of the various documents by the seller of the house?
Regarding the authenticity of documents, you need to take the help of competent advocate to verify the documents are true or not.
4. What are all the important documents one should check before buying any property?
Before purchase a property, you have to look at the approved layout plan (vuda, dtcp etc...) building pal, ownership documents encumbrance certificate etc. contact an advocate before purchase property
5. What is meant by the 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?
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 whichever is higher.
6. Who is liable to pay stamp duty, the buyer or seller?
The liability of paying stamp duty is that of the buyer unless is an agreement to the contrary
7. On whose name is the stamp duty, the buyer or seller?
The stamps are required to be purchased in the name of any one of the executors to the instrument.
8. Who is the appropriate authority to approach in order to find out the market value of the property?
The sub-register of the area in whose jurisdiction the property is located is the authority for knowing the market value of the property
9. Which instruments attract payment of stamp duty?
The instrument like, agreement to sell, conveyance deed, exchange of property, gift deed, partition deed, power of attorney, settlement deed, transfer of lease, attract stamp duty on market value of the property.
10. What exactly do we mean by a free hold flat? What are the advantages and if any?
A freehold property (plot or flat) is one where there is a whole and sole owner(s) ownership is full and conditional (within the provisions of the laws of the land) and there is no lessor / lessee involved. |
