Home Buying Guide

Home Buying is never and easy Decision, Be Vigilant!

Purchasing your home is one of the most important financial decisions of your life, and it has to be made with care. There are many aspects you need to check before finalizing. Also, you need to understand the different formalities and other such processes that are involved in the purchase. In addition to buying, selling tips, some equally important guidelines that can help you with the various legal, tax and other technicalities for buying a home. Some of the things are location, area, society, size and ventilation; this is the process of fixing your home, once this is done the main things begin.

What are the important documents to be checked before buying a home/property?

This is very important; you have to check very thoroughly about the builder and the project. You have to make sure that the project has all the approval and permissions before going ahead. Carry out a thorough search and check out the approved layout plan, the building plan, ownership documents, etc. It is advisable to get professional legal help to help you verify the validity of the documents.

What exactly is built up area, super built up area, and carpet area and what is the difference between them?

Carpet Area is the area of the flat which does not include the area of the walls. Built up Area includes the area of the walls. Super Built up Area is generally applicable in multi storied units and includes the built up area along with the area under common spaces such as the lobby, lifts, stairs, etc.

What precautions need to be taken while buying an under construction flat?

This can be very tricky! You need to remain very vigilant in order to be not cheated. Ask the builder to furnish all the relevant papers and permissions to ascertain the genuineness of the project. Check if the land on which the builder is building is his or he has undertaken an agreement with a landlord. If so, check that the title of land ownership is free and clear. Ensure for NOCs.

Who should pay Stamp Duty – the buyer or the seller?It is for the buyer to pay the stamp duty.  Section 30, of Bombay Stamp Act, 1958 states the liability for payment of stamp duty.

On what legal documents is a stamp duty levied?Significant legal documents required in property transactions such as Agreement to Sell, Conveyance Deed, Exchange of property, Gift Deed, Partition Deed, Power of Attorney, settlement and Deed and Transfer of lease attract Stamp Duty calculated as per the market value of the property.

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