Monday, November 24, 2008

Buying a Flat ?? - Then Know these Facts....

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

Carpet Area: This is the area of the apartment/building which does not include the area of the walls.

Built up Area: This includes the area of the walls also.

Super Built up Area: This includes the built up area along with the area under common spaces such as the lobby, lifts, stairs, etc. This term is therefore only applicable in the case of multi-dwelling units.

What documents need to be verified before purchase of a Flat?

Before you purchase a flat, you have to have a title and document search conducted by a competent advocate. You cannot do it yourself. You have to use the services of a competent advocate. It is a professional job to be done with professional assistance

What important documents should one check for before buying any property?

If you want to purchase a property, you have to look at the approved layout plan, approved building plan, ownership documents, carryout search, etc. Contact an advocate before you purchase a property so that he can advise you.

Who is liable to pay Stamp Duty, the buyer or the seller?

The liability of paying stamp duty is that of the buyer unless there is an agreement to the contrary.

What is meant by the market value of the property and Whether Stamp Duty is 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 which ever is higher.




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