Q: What are the documents to be verified before the purchase of a Flat?
A: Before you purchase a flat, you have to have a title and document search conducted by 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 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.
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: In whose name is 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: 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 or the collector of the district.
Q: What exactly do we mean by a Freehold property (Plot or a Flat? What are the advantages and disadvantages, if any?
A: 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.
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.
Q: Upon buying a flat from a builder in a building under construction, what are the permissions and papers that one should check with the builder, so as to ascertain the genunity of the builder?
A: When you are buying a flat from a builder in a building under construction, you have to check the following:
- Approved plan of the building along with the number of floors.
- Ensure that the floor that you are buying is approved.
- Check if the land on which the builder is building is his or he has undertaken an agreement with a landlord. If so, check the title of the land ownership with the help of an advocate.
- Check the building byelaws as applicable in that area and ensure that the builder is building without any violation of front setback, side setbacks, height, etc.
- Check specifications given in the agreement to sell of the sale brochure. Is he providing the same actually on the ground or not?
- Check the reputation of the builder.
- Ensure that urban land ceiling NOC (if applicable) has been obtained or not.
- NOC from water and electricity authorities also have to be obtained.
- NOC from lift authorities.
- Mortgage free
- Claim of any other ownerships
- Any tax demand orders against property
- Is property under any government scheme to be acquired
- Note: Apart from these mentioned points, still you need to take into consideration, the LEGAL ASPECT of the property is handled professionaly to ensure no problems in the future.
- Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
- For more Articles on properties in Chennai please visit : www.metroplots.com
- Email : anand@metroplots.com
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