Faq's
Which documents are to be verified before purchase of flat?
The purchaser should check the following the following documents before buying the property.
- All Sale /conveyance deeds in respect of the property concerned giving clear flow of title to the property wherein the last transaction is between the developer and the erstwhile owner. All documents must be registered documents, as without registered documents, title in the property does not pass on to the purchaser, under Law.
- If the land is not acquired by outright purchase, then registered Joint Venture / Joint Development Agreement between the land owner and the present developer. Registered power of attorney given by the land owner to the developer empowering the developer to develop the property and sell the flats constructed thereon.
- All permissions / sanctions obtained by developer which include
- Non Agricultural (NA) permission of land
- Approved plan
- Commencement Certificate and Intimation of Disapproval (CC & IOD)
- Latest revenue records / property cards mentioning the name of the developer as last owner of the property.
- If the land is agricultural land, then 7/12 extracts and mutation extracts connected with the property showing the change in holder of the land. Class of holding of land to be Class I land entitling the developer to deal with the property in any manner whatsoever.
- Occupation Certificate in respect of the building in which the flat is constructed.
- Latest property tax bill and payment receipt in the name of developer evidencing the municipal records in respect of the property to be in the name of the developer.
- The project is RERA registered and all details of the project including flow of title, all technical certificates are uploaded by the developer on the respective State RERA website and is complying with the same.
What are the responsibilities of the buyer?
The buyer should pay the consideration as agreed in respect of the flat and regisgter the agreement after payment of requsite stamp duty – registration charges. After becoming the owner of the flat, the buyer shall also beocme member of the society/ condominium formed by the developer and pay requisite charges for becoming shareholder of the society. The buyer shall pay requisite maintenance charges for the flat as decided by the managing committee of society/ condominium.
What is the purpose of registration? What are the effects of non registration?
What is the difference between Lease and Leave & License?
Lease is the right given by the owner to the lessee to hold and occupy the property for a particular period or in perpetuity for consideration of lease rent. Limited title in the property is passed on to the lessee with a right to sub lease the property. License, on the other hand is just a permission to enter and occupy the premises for limited period and for specific purpose which is given only to the licensee. License does not give any rights in the propety to the licensee. The lease beyond a period of 1 year is compulsorily registrable.
What is a property valuation?
It is a process which examines and decided the current market value of the property based on several factors like- demands & supply, property size, construction quality, location and connectivity etc.Â
Why is property valuation important?
It is important because it will give you a clear idea of your property’s current net-worth. This could be useful at the time of applying for some loans or while selling the property.
What is a Leasehold Property?
It is a property for which the lessee owns temporary ownership (for a fixed period) and after the completion of time, the property goes to its original owner/lesser, until the contract is renewed.
What does the term 'Freehold Property' mean?
A property, whose ownership rights are completely given to the purchaser, is termed as freehold property.
Why should I convert my leasehold property into a freehold property?
It is always advised to convert a Leasehold property into a Freehold property because you will become the sole owner of it. For this, you need to get the sale-deed and get the property registered on your name.
