General Guide

1. Which documents are needed to be checked and verify before buying a property?

Before purchasing the property, you need to check the approved layout and building plan, title search led by a proficient advocate, proprietorship records, Environmental clearance, Commencement declaration, Intimation of Disapproval etc. You may contact a supporter before buying a property to get detail counsel.You may also consult with an advocate before acquiring a property to get a detailed suggestion.

2. What Is The Difference Between Built Up, Super Built Up And Carpet Area?

Carpet Area is the area which is enclosed within the walls, literally, it is the actual area to lay the carpet. This area does not include the area or thickness of the inner walls. It is the usable area of an apartment.

Built up Area is the carpet area plus the thickness of outer walls and the balcony.

Super Built up Area is the built up area plus the proportionate area of common areas such as the lobby, lifts shaft, stairs, etc.This term is relevant to multi staying units

3. It is whose liability to pay the stamp duty?

The Stamp Duty should be paid by buyer unless there is an agreement/contract to the contrary. Section 30, of the Bombay Stamp Act, 1958 declares the liability for payment of Stamp Duty.

4. What does the market value of property means and is stamp duty payable on the market value or on      agreement value?

Market value means the price at which a property is purchased in the open market on the date of execution. The Stamp Duty have to be paid on the agreement value of the property or the market value whichever is higher.

5. ls stamp duty need to be paid if a flat is settled through a deed and transferred among relatives?

Yes, according to the Bombay Stamp Act, Stamp Duty should be paid on a deed of Family Settlement.

What are the instruments that attract the stamp duty?
The instruments such as Sell Agreement, Conveyance Deed, Property Exchange, Gift Deed, Partition Deed, and Power of Attorney, Transfer of Lease pull in Stamp Duty on market estimation of the property.

6. Who is the apt authority for knowing the market estimation of property?

The Sub-Registrar of the territory in whose jurisdiction the property is situated

7. Can a property transaction be done by somebody on proprietor's behalf?

Yes, However Power Of Attorney subjects to eligibility of POA holder and POA content. For all practical purposes, you can give a particular POA to somebody, so that in your absence, tasks like registration, possession, execution of sale agreement, leave license agreement and so forth, can be taken care. You can give a certain POA to somebody e.g. just buying or rent, etc you could tweak the rights you might want to give out.

8. What is freehold land?

A freehold property is one where there is an entire and sole owner(s) proprietorship is full and unconditional (within the laws of the land provision) and there is no involvement of lessor/tenant.

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