Buyer's Guide
Documentation
What are the necessary documents that are required before buying a commercial/residential property?
- Ownership document of the property owner & buyer
- Agreement to sell – Includes a description of the property, terms of conditions between the buyer and the seller, including agreed purchase price.
- Absolute sale deed and title deed - This is the actual transfer record of ownership of the property. It is registered at the sub registrar's office under whose jurisdiction the property would fall.
- Title search and report – This document records the history of the property and its owner and has to be registered with the concerned authority.
- Khata certificate - Provides proof that the property has an entry in the local municipal records.
- Receipt of property tax – This document clarifies the status of previous taxes paid/due.
- Encumbrance certificate – This states that the property is free from all encumbrances or loans
- Sanctioned building plan by statutory authority - This is to ensure that the buyers are watchful about any deviations from the sanctioned plan made by the developer.
- Power of Attorney (If any) – If any person is acting on the authorization of the owner of the property.
What is the procedure for execution of the Agreement to sell?
- Possession letter from the builder – The original copy of possession letter should be received by the buyer on the specified date in the letter.
- Payment Receipt – This is the most important document for home loan and should be taken by the buyer from the seller. It can be used during the resale of the property.
- Property documents for loan purpose –
- List of original property document
- Closure letter with a penalty (if any)
- NOC by the bank
- Sale agreement – An original sale agreement needs to be obtained as a sale deed for the property. It includes terms & conditions for the sale along with the time of completion, payment/part payment details of the purchase.
- Property Tax receipt (till the date of registration) – Tax receipt consists of property details such as property area, owner's details among other related information. Tax is levied on the purchase of property which acts as one of the most important documents during 'agreement to sell' process. All the pages of the document should be signed by all the parties.
What are Stamp Duty and Property Registration Charges?
- Stamp Duty
Stamp duty is the transactional tax levied compulsory, which plays a key role in the transactions made on a property. It is pretty much similar to what a government collects for sales tax and income tax. Stamp duty is charged on the present agreement value or market value, whichever is high. It is levied by states and therefore, the rate varies from state to state.
Stamp Duty can be paid by Franking (submitted documents are processed by authorized banks via a franking machine), Stamp Paper (long & inconvenient method) & E-stamp (NEFT/RTGS). - Registration Charges
If the property is located in Corporation or Municipal Council area – 5% Stamp Duty, 1% LBT and 1% Registration Charges or up to Rs. 30,000/- whichever is less.
If the property is located in Rural area – 4% Stamp Duty, 1% LBT and 1% Registration Charges or up to Rs. 30,000/- whichever is less.
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