Real Estate Forum on Sale Agreement

Latest Answer: Hi Mr Javed, According to me, if someone buys a new flat for Rs 1 crore and assuming the cost of UDS is Rs 40 lakh, the construction cost would be approximately Rs 60 lakh (which would exclude taxes such as service tax, VAT). Earlier, a buyer was paying Rs 3.20 lakh (8% of UDS i.e Rs 40 lakh). The buyer needs to shell out an additional Rs 1.20 lakh (2% of construction cost ie Rs 60 lakh), resulting in a total of Rs 4.40 lakh.

Latest Answer: See, when you are going to buy any kind of property, the first thing you should be doing is verifying the title deed for any discrepancies. The title deed is what needs to be transferred from one owner to another. In this process, the first charge will be the 7 percent stamp duty on the sale agreement, the second charge will be the mandatory 2 percent transfer fee, and third charge will be the o.5 percent registration fee. This present model is applicable under every municipal corporation in the state. So, the total percentage of the transaction that you’d have to end up paying to the Government would come up to 9.5 percent.

Latest Answer: The documents required for registration include chain of original conveyance or sale deeds or agreement from the seller, share certificate issued by the society in favor of the seller indicating his membership of the society, no-objection certificate from the co-operative group housing society certifying that the society has no objection to the transfer of share in favor of the purchaser, identity proof and address proof.

Latest Answer: One of my cousins bought a resale property in Adarsh Serenity. She needed a lawyers help to get things rolling. She availed services from Zippserv. They helped her verify the property documents, drafting sale agreement, get the sale agreement franked, drafting sale deed and registration (https://www.zippserv.com/property-lawyer/property-resale-package-bangalore.html). They also got the pre-approval from a PSU bank and got the loan process started. The whole process was very seamless. Thought this information will be useful to many.