| |
| Q
Which documents are to be verified before
purchase of a Flat? |
A 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. |
| |
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 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 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 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. |
| |
| Q What are
the risks associated in buying a flat on Power
Of Attorney (POA) basis? |
| A Purchasing
a flat on a POA basis is not permitted under the
law of the land. |
| Q Is a POA
revocable? |
| A Yes, a POA
can be either revocable or irrevocable,
depending on what sort of a POA one has made. |