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Property Buying is property and land, consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general
- Title deed: This document ensures that the seller has undisputed legal ownership of the land. Do not accept a photocopy of the deed.
- Release certificate: Another one to add to your roster is the Release Certificate. This is only valid while buying a resale property.
- Tax receipts and bills: Unless you want to be on the wrong side of the tax man, make sure to collect the original bills and tax receipts from the seller.
- Local approvals: Lastly, ensure that the plot of land has all the requisite approvals in place.
- O1 : Through inheritance or will.
- 02 : Through enabling the co-owners to legally transfer their property’s share to another co-owner of the property.
- 03 : Through settlement or partition of properties.
- 04 : Through gifts.
- 05 : By purchasing the ownership of the property.
- Identification proof.
- Two passport photographs of both parties.
- Sale deed.
- Power of attorney if any one of the parties cannot be physically present at the registration time.
- If the party is a company, a copy of the resolution of the company’s board is needed, along with a power of attorney.
- Property card.
- Receipt of stamp duty and registration fee.
Backed by local research and transactional expertise, we strategically advise our clients with data that is driven by our strong brokerage network. Our widely circulated periodic reports capture the underlying property trends and guide market players in the region.
Rates vary depending upon the size of the Property.
Selling a plot of land can be done in many ways. Intricate procedures to sell land are as given below:
- Verbal contract:The seller and the buyer can have a verbal agreement over the purchase or sale of the land, which involves physical inspections of the plot and negotiations over the price.
- Preparation of contract: Once both parties agree upon the verbal contract, it is necessary to type or print it on the legal papers to avoid any miscommunication in the future over the negotiations. It is advisable to hire a lawyer to do this job.
- Pay stamp duty: Once your deed is done, it is time to pay your stamp duty, the value of which is approximately 3 to 7 percent depending on the state.
- Execute and register sale deed:The next step is the most important one: you must visit the sub-register office to execute and register your sale deed.
- Property mutation: It is the process of transferring or changing the title entry in revenue records of the local municipal authority or the panchayet.
Voluntary transfer- when the owner transfers the property willingly by gifting or by signing the will. It is called voluntary transfer of immovable properties.
Involuntary transfer- It happens when the transfer of property happens without the explicit consent of the owner. It usually happens in cases of divorce decrees, failure to pay property taxes, asset seizure in case of debt default, and due to natural disasters.
- O1 : Through inheritance or will.
- 02 : Through enabling the co-owners to legally transfer their property’s share to another co-owner of the property.
- 03 : Through settlement or partition of properties.
- 04 : Through gifts.
- 05 : By purchasing the ownership of the property.
- Identification proof.
- Two passport photographs of both parties.
- Sale deed.
- Power of attorney if any one of the parties cannot be physically present at the registration time.
- If the party is a company, a copy of the resolution of the company’s board is needed, along with a power of attorney.
- Property card.
- Receipt of stamp duty and registration fee.