FOR BUYING PROPERTY

- What you should know before buying property?

When you are planning or preparing your mind for the field that is completely new or you might have gone for once or twice then it is very much natural to indulge in confusion under such circumstances to decide something quickly and correctly. And property dealing is also one of same sort of dilemma where people frequently turn disorder and generally trapped. So kindly be tension free in this regard and go through the following thoroughly.

- If you are purchasing, buying or renting property, here`s to look out for?

Ensure that the site has all required permission from the building proposal department of the authorities. The building proposal department and the authorities must approve the layout plan. Legal formalities like tracing the title of the property, verifying the sanction plan, electricity, water, sanitary, facilities and relevant sanctions are important prior to purchasing. Seek the help of a qualified professional if required. The site must conform to zonal regulation. For instance, house for residential purpose must be constructed only in the residential zone. A zonal regulation map is available with the development planning authorities.

FOR SELLING PROPERTY

- What is the difference between built up area, super built up area, and carpet area?

Carpet Area: This is the area of the apartment/building that 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.

- 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.

- In whose name are the stamps required to be purchased?

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 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.

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

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.

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

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