F.A.Q Legal Question
As you buy a new home, these questions will answer all common queries about buying and owing a property in India. Use this guide to acquaint yourself with rules, laws and important information.
Besides technical details pertaining to area and the amenities, one should verify the building plan approved by Municiapl Corporation or such other comeptent authority(Like UIT Approval for Bhiwadi/Neemrana, HUDA and DTCP for Haryana, MCD & DDA for Delhi), commencement certificate, ownership documents (title documents) etc. If it is a resale flat then verification of further documents such as Share certificate, rent receipts, Maintenence 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.
Unless the parties have agreed to the contrary, the liability of paying stamp duty is that of the buyer.
The stamps are required to be purchased in the name of any one of the executors to the Instrument.
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.
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.
Lease is a transfer of interest in the property whereas in case of L&L, there is no such transfer of interest in the Property. Leave and licence does not create any interest in the premises in favour of the licensee but gives the licensee the mere right to use and occupy the premises for a temporary period. Lease is assignable whereas L&L is generally not assignable. Lease creates heritable right under the transfer of property Act and also under Bombay rent act. Whereas it is not so with L&L.