| |
Q |
Which documents are to be verified before purchase
of a Flat ? |
|
A |
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. |
|
| |
Q |
What is the difference between built up area, super
built up area, and carpet area? |
|
A |
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. |
|
| |
Q |
What are all the important documents one should
check before buying any property ? |
|
A |
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. |
|
| |
Q |
Who is liable to pay Stamp Duty-the buyer or the
seller? |
|
A |
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. |
|
| |
Q |
In
whose name are the stamps required to be purchased ?
|
|
A |
The
stamps are required to be purchased in the name of any one of
the executors to the Instrument. |
|
| |
Q |
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
? |
|
A |
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.
|
|
| |
Q |
Which are the instruments that attract the payment
of Stamp Duty ? |
|
A |
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. |
|
| |
Q |
Who is the appropriate authority for knowing the
market value of the property ? |
|
A |
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. |
|
| |
Q |
What are the risks associated in buying a flat on
Power Of Attorney (POA) basis ? |
|
A |
Purchasing a flat on a POA basis is not permitted under
the law of the land. |
|
| |
Q |
Is
a POA revocable ? |
|
A |
Yes,
a POA can be either revocable or irrevocable, depending on
what sort of a POA one has made. |
|
| |
Q |
What exactly do we mean by a Free Hold flat? What
are the advantages and disadvantages, if any
? |
|
A |
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. |
|
| |
Q |
How to convert a POA flat into a Free Hold one
? |
|
A |
POA
cannot be converted into anything. Leasehold properties of DDA
in Delhi can be converted to freehold, as per provisions.
|
|
| |
Q |
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 ? |
|
A |
Regarding authenticity of documents, again, you have to
take the help of an advocate to verify. |
|
| |
Q |
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 ? |
|
A |
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. |
|
| |
Q |
A
flat in a Co-op Hsg. Society is to be gifted. What are the
legal formalities? What about stamp duty ? |
|
A |
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. |
|
| |
Q |
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 ? |
|
A |
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 that 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 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.
-
Check specifications given in the agreement to sell
of the sale brochure. Is he providing the same actually on
the ground or not?
-
Check the reputation of the builder.
-
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.
|
|
| |
| Q |
What is the difference between built up area, super
built up area, and carpet area ? |
|
A |
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. |
|
| |
| Q |
Who is liable to pay Stamp Duty - the buyer or the
seller ? |
|
A |
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. |
|
| |
| Q |
In
whose name are the stamps required to be purchased
? |
|
A |
The
stamps are required to be purchased in the name of any one of
the executors to the Instrument. |
|
| |
Q |
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 ?
|
|
A |
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.
|
|
| |
| Q |
Which are the instruments that attract the payment
of Stamp Duty ? |
|
A |
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. |
|
| |
Q |
Who is the appropriate authority for knowing the
market value of the property? |
|
A |
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. |
|
| |
