FAQ

 

Buying Property

Q: Which documents have to be checked before purchase of the Flat?

A: Before you buy flat, you need to have title & document search to be conducted by competent advocate. You can’t do this yourself. You need to use services of competent advocate.

Q: What is a difference between the built-up and super built up area and carpet area?

A: Carpet Area: It is an area of apartment or building that doesn’t include area of walls.  Built up Area: It includes area of walls and  Super Built up: It includes built up area with area under the common spaces like lifts, lobby, stairs, and more.

Q: What are important documents one must check before buying property?

A: First you need to look at an approved layout plan, building plan, carryout search, ownership documents.

 

Selling Property

Q: Who will pay the Stamp Duty – buyer or seller?

A: Liability of paying the stamp duty is of a buyer until there’s the agreement to contrary. Section 30, Stamp Act, of 1958 states that liability for stamp duty payment.

Q: At whose name are stamps have to be bought?

A: Stamps have to be bought in a name of anyone of executors to Instrument.

Q: What do you mean by market value of a property & does Stamp Duty need to paid on market value of a property or consideration like stated in an agreement?

A: The market value means price in which the property can be bought in open market on date of execution for such instrument. Stamp Duty can be payable on agreement value of property or market value whichever is higher.

 

Rental Property

Q: If I’m the tenant, do I need to transfer my tenancy? Yes, then what sum I can demand from Landlord for the transfer?

A: Yes, you may transfer tenancy, with permission of your landlord. Rate is which is prevailing on the market, norm being that landlord will be entitled for 1/3 share.

Q: Is there the provision by which landlord has to spend some percentage towards maintenance of the property?

A: No.

Q: Do you need to register the existing tenancies also?

A: No.