Buying a Property is quite tedious and cumbersome process in India. Normally its a big hassle to buy a property due to complex legal processes and absence of Real Estate Regulator. Besides this there is no centralized database of housing units in India and due to corruption large no of projects are in legal tangle. Though majority of property transactions are through Home Loan but considerable no of property transactions are executed without Home Loan. In my post on How to buy House with Home Loan i discussed steps relevant to property purchase by availing Home Loan. In this post, we will ... Read More
Deed of Transfer of Rights
As i mentioned in my previous post that i will write a separate article on Deed of Transfer of Rights. To understand the context & background of Deed of Transfer of Rights, I would request you to read the article How to Save Stamp Duty & Registration Charges before proceeding further. Deed of Transfer of Rights is executed to legally bridge the transaction gap between Sale Agreement Value and Sale Deed Value if the property is registered at Guidance Value or Circle Rate. Taking forward the same example of Mr A, who bought flat in Delhi for 1 Cr but registered at 67 Lacs as per circle ... Read More
How to Save Stamp Duty & Registration Charges
How to save stamp duty and registration charges is a tricky question. Before discussing the same, lets understand what is stamp duty. According to wikipedia, Stamp Duty is a tax that is levied on documents. At the time of transferring ownership of property i.e. Registering Sale Deed, the buyer need to pay stamp duty & registration charges to Govt. The Stamp duty and Registration Charges vary from state to state. Some states offer discount on Stamp Duty e.g. if the property is registered in the name of a woman then you can save stamp duty. In Delhi stamp duty to be paid is 6% but if the ... Read More
5 Must Have Clauses in Property Sale Agreement
Property Sale Agreement is most important document. It is different from Sale Deed though in some cases Sale Agreement is registered as Sale Deed. Sale agreement contain agreed upon Terms & Conditions between Seller & Buyer for the sale of property. It is legally binding on both the parties. It also specifies the date by which the transaction will be completed. In laymen terms, Sale agreement is a road map how the property transaction will be completed. On the other hand Sale deed is executed at the time of actual transfer of property i.e. transfer of ownership from seller to ... Read More