Here are a few guidelines to help you when you go about purchasing property.
• What documents should be verified while purchasing an apartment?
When you purchase an apartment, it is better to make a title and document search conducted. And it would be better if a competent advocate does it. Please remember, it is better not to do it yourself.
• What is the difference between built up area, super built up area, and carpet area?
Carpet Area - is the area of the apartment/building which does not include the area of the walls. Built up Area - includes the area of the walls also.
Super Built up Area - includes the built up area along with the area under common spaces such as the lobby, lifts, stairs, etc.
These terms are applicable in the case of multi-dwelling units.
• Which all documents should be checked before buying any property?
Before buying any property, look at the approved layout plan, approved building plan, ownership documents etc. Contact an advocate before you purchase a property so that he can go through the documents thoroughly.
• 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.
• The stamps should be purchased in whose name?
The stamps should 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 Whether Stamp Duty is payable on the market value of the property or based on the agreement?
Market value is the price at which a property can 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 payment of Stamp Duty on?
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 issuing 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.
• How can one verify the authenticity of 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?
It is better to take the help of a competent advocate to go through the documents.
