FAQs

1) Which documents are to be verified before purchase of a Property?
: - Before you purchase a Property, 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.

2) What are all the important documents one should check before buying any property?

: - 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.

3) What is Stamp Duty?

: - Stamp Duty is a tax, similar to sales tax and income tax collected by the government, and must be paid in full and on time. A stamp duty paid instrument/document is considered a proper and legal instrument/document.

4) Who is liable to pay the 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. Section 30 of Bombay Stamp Act, 1958 states the liability for payment of stamp duty.

5) In whose name are the stamps required to be purchased?

: - The stamps are required to be purchased in the name of any one of the executors to the Instrument

6) What is the difference between built up area, super built up area, and carpet area?

: - Carpet Area: This is the area of the apartment/building which does not include the area of the walls. up Area: This includes the area of the walls also. Super Built up Area: This includes the built up area along with 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.

7) How can knowing the Carpet Area, Built-Up Area & Super Built-Up Area of a flat help me in purchasing a flat?

: - This break up is extremely essential as builders can place anywhere from 65% to 85% per cent of the super built area as carpet area. That means, if the price is quoted as 1,000 sq ft super built up area, the carpet area could be anywhere from just 650 sq ft to 850 sq ft. If this break up is not mentioned in the agreement, demand that the vendor/ builder mention it in the sale deed.

8) What is meant by the market value of the property?

: - value means the price at which a property could be bought in the open market on the date of execution of such instrument.

9) Is Stamp Duty payable on the market value of the property or on consideration as stated in the agreement?

: - The Stamp Duty is payable on the agreement value of the property or the market value, whichever is higher.