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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