I am very happy to know you are aware of this verifying document procedure. Many people don't do this and always land in trouble. So here are some tips you should follow, you must make sure the property is free of any fraud or title issue. You can request for documents such as chain title, last paid electricity and water bills, overall layout and provision of changes (if any), relations of owner with the broker (if any) and basic know how of the last tenant who lived there.
As per the registration act ,it is compulsory for lease agreement of immovable property to be registered which are more than 11 months duration . Under certain rent control Legislation , it may be mandatory in some states to get a rent agreement registered irrespective of its duration.
As per my knowledge, Stamp Duty is a tax, similar to sales tax and income tax collected by the government, and must be paid in full and on time. A stamp duty paid instrument/document is considered a proper and legal instrument/document. The liability of paying stamp duty is that of the buyer unless there is an agreement to the contrary.
@ tamal, As per my knowledge, there are some exceptions or concessions that may apply within certain states. Concessions that are available are for Pensioners, First home buyers, Deceased Estates, Family farms, young farmers etc ...
As per my knowledge,possession is the physical transfer of the property is not sufficient. You also need to have legal ownership. At the time of registration, you will also have to pay a stamp duty which is a government tax levied on property transactions. This is why you should pay stamp duty.
Hi All, I want to know , suppose any of my relative will transfer an apartment by way of a gift to me , then still i have to pay this Stamp duty? Or i will be excused ?
Hi Mr Pathak, As per my knowledge, yes stamp duty will have to be paid if the flat is gifted by donor. You will not be excused here. There is no exceptions in stamp duty. As they explained below some are their ,that also depend on state to state.
Hi Mr Naveen, As per my knowledge, before buying a resale property you have to 1. Check for a duly stamped registry 2. Ensure no dues are accorded to the builder 3. Check for seller’s name in municipal records 4. Confirm seller’s membership in the society (if formed) 5. Ensure there are no pending bills, charges or taxes 6. Make sure that the property is mortgage free 7. Sanctioned Building Plan (to ensure no unauthorized construction) 8. Previous title documents (that chain of title is complete)