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Buyers FAQ'S

What are the important documents one should check before buying any property?
If you want to purchase a property, you must see the approved layout plan, approved building plan, ownership documents, carryout search, etc. Consult 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.

In whose name are the Stamp Papers required to be purchased?
The stamp papers are required to be purchased in the name of any one of the executors to the Instrument.

What is meant by the market value of the property and is Stamp Duty 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 whichever is higher.

Who is the appropriate authority for knowing the market value of the property?
The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the market value of the property. In addition to this, financial institutions do also assess market value of the property through their own empanelled valuation agencies

Is a POA revocable?
Yes, a POA can be either revocable or irrevocable, depending on what sort of a POA one has made.

What exactly do we mean by a Free Hold property? What are the advantages and disadvantages, if any?
A freehold property (plot or a property) is one where there is a whole and sole owner(s), ownership is full and unconditional (within the provisions of the laws of the land) and there is no lessor/lessee involved.

How to convert a POA property into a Free Hold?
POA cannot be converted into anything. Leasehold properties of DDA in Delhi can be converted to freehold, as per provisions.