Which documents are to be verified before purchase of a Flat?
What is Encumbrance Certificate?
Who is liable to pay Stamp Duty-the buyer or the seller?
In whose name are the stamps required to be purchased?
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?
What do we mean by a Free Hold Property?
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.
What are the legal formalities in Gifting a Flat?
Gift of an immovable property is considered as a 'transfer' under the provisions of the Transfer of Property Act and the transaction has to be registered through a Gift Deed and the stamp duty should be paid as per provisions of the applicable stamp act.
What are the duties of the seller in a sale of immovable property?
The seller should disclose all material defects in the property which is the subject of sale, to the buyer. He also must produce the title deeds of the property. Upon completion of Sale, he has to give the possession of the property and also deliver the title deeds on receipt of the price.
What are the duties of the buyer in a sale of immovable property?
The buyer is to pay the purchase-money to the seller.
What is the purpose of Registration? What are the effects of non-registration?
By Registration of transaction of immovable property will become permanent public record. This is a notice to the general public. Those getting transfer of property should verify whether such property has been previously encumbered. According to Transfer of Property Act right, title or interest can be acquired only if the deed is registered. If a deed of transfer, which is compulsorily registrable, is not registered, it will not be admissible in evidence.
Such proposals will require specific approval of Reserve Bank and the proposals are considered in consultation with the Government of India.
What is Property Card?
It is also a document of ownership similar to 7/12 extract with all contents mainly applicable for urban areas. This is issued by concerned City Survey officer of respective Zone. It is essential to have endorsement of area of plot in figures as well as in words on this document. Validity of this document is one year from the date of issue.
What is the difference between Lease and Leave and License Agreement?