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Buying
/ Selling Property |
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Does
any document require to be examined
before buying a property?
Before you buy a property, you must get a title and document search properly
conducted by hiring a competent advocate. You cannot examine the documents
on your own, and thus, professional assistance needs to be taken.
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What
is meant by Carpet Area, Built-up Area
and Super Built-up Area?
Carpet Area: It refers to the area of the apartment, excluding the area of
the walls. Built-up Area: It comprises the apartment area as well as the
area of the walls. Super Built-up Area: This term is used only when referring
to multi-dwelling units. It includes the apartment area, the area of the
walls and the area under common spaces like lobby, staircase, elevators,
etc.
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What
documents need to be verified before
making any purchase of a property?
The following documents must be properly verified by an advocate before buying
a property:
• Approved Layout Plan
• Approved Building Plan
• Title Ownership Documents
• Complete Search |
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What
is meant by Stamp Duty?
Stamp Duty refers to charges in the form of taxes levied by the State Government. |
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Is
it the buyer or the seller liable to
pay Stamp Duty?
Under Section 30 of Bombay Stamp Act, 1958, the buyer is liable to pay Stamp
Duty, unless there is a specific agreement to the contrary. |
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Under
whose name, are the stamps to be purchased?
The stamps can be purchased in the name of either of the executors to the instrument. |
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How
do you define Market Value of a property?
Is Stamp Duty payable on this value
or on the basis of the clause mentioned
in the agreement?
The Market Value of a property refers to the price at which the property
can be purchased in the open market on the execution date of such instrument.The
Stamp Duty has to be paid either on the property value stated in the agreement,
or the market value, whichever is higher.
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Which
instruments influence the payment of
Stamp Duty on the market value of the
property?
The following instruments have a great influence on the payment of Stamp
Duty on the market value of the property:
• Agreement to Sell
• Conveyance
Deed
• Exchange of Property
• Gift Deed
• Partition Deed
• Power of Attorney
• Lease Transfer
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Who
can determine the market value of the
property?
The Area Sub-Registrar, under whose jurisdiction the property is located,
has fixed property values for different locales. Thus, only he should be
contacted to get the market value of the property.
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What
risks are involved in buying a flat on
a General Power Of Attorney (GPA) basis?
Under the land laws, buying a flat on a GPA basis is not permitted. |
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Is
a GPA revocable?
Yes, a GPA can be either revocable or irrevocable, on the basis of the GPA
created by one. |
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What
is meant by a Freehold Property?
A Freehold Property refers to any plot or flat, where there is a sole proprietary
ownership with no conditions under the land laws, and there is no lessor or
lessee involved. |
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Can
a GPA flat be converted into a Freehold
flat?
No, GPA is a non-convertible document. |
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How
can I verify if the documents submitted
by the seller are authentic?
You might be required to hire an advocate to render his professional services
for the proper examination of the authentication of the documents submitted
by the seller. |
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