Home Buying Tips by Sangath IPL

Home Buying Tips

Some quick questions and answers below will serve as essential tips when you buy a home:

1. Which documents should I verify before buying 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 must use the services of a competent advocate. It is a professional job to be done with professional assistance.

2. 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. 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 only applicable to multi-dwelling units.

3. What are the important documents one should check before buying any property?

----> If you want to purchase a property, you must see the approved layout plan, approved building plan, ownership documents, carryout search, etc. Consult an advocate before you purchase a property so that he can advise you.

4. Who is liable to pay 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.

5. In whose name are the Stamp Papers 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 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?

----> 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.

7. Which are the instruments that attract the payment of Stamp Duty?

----> The instruments that attract Stamp Duty on market value of the property are:

• Agreement to Sell
• Conveyance Deed
• Exchange of property
• Gift Deed
• Partition Deed
• Power of Attorney settlement and Deed
• Transfer of lease

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