Such proposals will require specific approval of Reserve Bank and the proposals are considered in consultation with the Government of India.
By Registration of transaction of immovable property will become permanent public record. This is a notice to the general public. Those getting transfer of property should verify whether such property has been previously encumbered. According to Transfer of Property Act right, title or interest can be acquired only if the deed is registered. If a deed of transfer, which is compulsorily registrable, is not registered, it will not be admissible in evidence.
The buyer is to pay the purchase-money to the seller.
The seller should disclose all material defects in the property which is the subject of sale, to the buyer. He also must produce the title deeds of the property. Upon completion of Sale, he has to give the possession of the property and also deliver the title deeds on receipt of the price.
Gift of an immovable property is considered as a ‘transfer’ under the provisions of the Transfer of Property Act and the transaction has to be registered through a Gift Deed and the stamp duty should be paid as per provisions of the applicable stamp act.
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.
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 whichever is higher.
Unless the parties have agreed to the contrary, the liability of paying stamp duty is that of the buyer in the ratio of Female- 4% and Male- 6%
Besides technical details pertaining to area and the amenities, one should verify the building plan approved by Municipal Corporation or such other competent authority, commencement certificate, ownership documents (title documents) etc. If it is a resale flat then verification of further documents such as Share certificate, rent receipts, Maintenance receipts etc becomes necessary. Verification of Occupancy certificate is also imperative wherever applicable. However this is a professional job and services of a competent advocate shall be used for the same.