Which
documents are to be verified before purchase of a Flat?
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.
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, 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 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.
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, carryout search, 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. Section 30, of Bombay Stamp Act, 1958 states the liability for
payment of stamp duty.
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?
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.
What
are the risks associated in buying a flat on Power Of Attorney (POA) basis ?
Purchasing
a flat on a POA basis is not permitted under the law of the land.
Is
a POA revocable?
Yes,
a POA can be either revocable or irrevocable, depending on what sort of a GPOA
one has made.
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 lesser / lessee involved.
How
to convert a POA flat into a Free Hold one?
POA
cannot be converted into anything.
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.
A
flat in a Co-op Housing. Society is to be gifted. What are the legal formalities?
What about stamp duty?
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.
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?
When
you are buying a flat from a builder in a building under construction, you have
to check the following:
1.
Approved
plan of the building along with the number of floors.
2.
Ensure
that the floor that you are buying is approved.
3.
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.
4.
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.
5.
Check
specifications given in the agreement to sell of the sale brochure. Is he providing
the same actually on the ground or not?
6.
Check
the reputation of the builder.
7.
Ensure
that urban land ceiling NOC (if applicable) has been obtained or not.
