|
For Buying
Properties
Q What are all the important documents
one should check before buying any property ?
A 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.
Q What is the difference between
built up area, super built up area, and carpet area?
A 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 alongwith 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.
Q Who is liable to pay Stamp Duty-the
buyer or the seller?
A 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.
Q In whose name are the stamps
required to be purchased ?
A The stamps are required to be purchased
in the name of any one of the executors to the Instrument.
Q 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 ?
A 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.
Q Which are the instruments that
attract the payment of Stamp Duty ?
A 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.
Q 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 ?
A Regarding authenticity of documents,
again, you have to take the help of an advocate to verify.
For Selling
Properties
Q Who is liable to pay Stamp Duty
- the buyer or the seller ?
A 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.
Q In whose name are the stamps
required to be purchased ?
A The stamps are required to be purchased
in the name of any one of the executors to the Instrument.
Q Which are the instruments that
attract the payment of Stamp Duty ?
A 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.
Q Who is the appropriate authority
for knowing the market value of the property?
A 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.
For More Questions E-Mail
us at :
info@squareyards.net |
secure site