| Q : Documents
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
: The stamps are required to be purchased in whose name
? |
| 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 Whether Stamp Duty
is 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 payment of Stamp Duty on ? |
| 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, 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.indiaplot.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. |
