FAQ's on Buying Property

What are the documents to be verified before purchase of a Flat?

Before you purchase a flat, you must 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 job to be done with profes

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.

In case of purchase of Land , the property should be registered in the owners's name , there should be an encumberance certificate , previous owners title deeds , latest tax asessments and Pokku Varav  .

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. Section 30, of Stamp Act, 1958 states the liability for payment of stamp duty.

What are the differences 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: 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.

Whose name is the stamp required to be purchased in?

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

What are the risks associated in buying a flat on Power Of Attorney (POA) basis? Is the POA revocable?

Purchasing a flat on a POA basis is not permitted under the law of the land. Yes, a POA can be either revocable or irrevocable, depending on what sort of a POA one has made.

How do we verify the authenticity of the various documents submitted by the seller of the property, predominantly with regard to the possibility that the house has not been sold earlier to a third party?

Regarding authenticity of documents, again, you have to take the help of an advocate to verify.

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?

• 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.

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