REGAL ESTATES

Every property we appreciate WE SELL

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.

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

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.

Frequently Asked Questions

If you want to purchase a property, you have to look at the approved layout plan, approved building plan, ownership documents, carryout search, etc. You should get title and document search conducted by a competent lawyer.

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

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 ?

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.

What exactly do we mean by a Free Hold flat? What are the advantages and disadvantages, if any ?

To contact us:

J-4/16 DLF City Phase—II

Gurgaon 122002

Haryana INDIA

 

Mobile: 91 9911354517

Phone: 91 124 2352403

E-mail: info@regalestates.in

Web   : www.regalestates.in

      : www.facebook.com/regalestatesindia

       

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.

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 ?

What is an Encumbrance Certificate?

This is a certificate issued by the Sub- Registrar’s office under whose jurisdiction the property is situated, upon an application. This certificate will show all registered transactions that the property has gone through.

Should an agreement of sale be registered?

An agreement of sale does not require compulsory registration under law. However it is left to the discretion of the seller and buyer to register the agreement of sale.