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 POA 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 lessor / lessee involved.
How to convert a
POA flat into a Free Hold one ?
POA cannot be converted into anything. Leasehold
properties of DDA in Delhi can be converted
to freehold, as per provisions
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.
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:
- 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.
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