Before you purchase a flat, you have to look at the approved layout and building plan, title search conducted by a competent advocate, ownership documents, Environmental clearance, Intimation of Disapproval, Commencement certificate etc. You may contact an advocate before purchasing a property to get detail advice.
2. What the difference between built up, super built up and carpet area?
3. Who is liable to pay stamp duty and in whose name are the stamps required to be purchased?
4. What is meant by the market value of property and is stamp duty payable on the market value or on consideration as stated in the agreement?
5. Can one obtain refund if the agreement has not been signed between both the parties & have paid the stamp duty?
When one person possessing stamp or stamps which have been spoiled or rendered unfit or useless for the parties intended or the person does not require immediate use of the said stamps then such person should deliver the above said stamps to the Collector. The person has to make an application under Sec. 52 of the Bombay Stamp Act and the person should also submit the affidavit mentioning the reasons for which the stamps had been purchased and the reasons why the refund application is being made.
If the applicant can convince the Collector then refund of the stamps could be obtained only if: The application is made within six months from the date of the purchase of stamps. The Stamps should have been purchased by such person with a bonafide intention. None of the parties should have signed the paper on which the stamps have been fixed. On receipt of such application, the Collector is empowered to refund to the said person the value of said stamp deducing there from said amount as prescribed by the competent authorities.
6. Will stamp duty have to be paid if a flat is settled through a deed & transferred amongst family members?
7. What are the instruments that attract the payment of stamp duty?
8. Who is the appropriate authority for knowing the market value of property?
9. Can a property transaction be done by someone on owner’s behalf?
Yes. Though Power Of Attorney subject to eligibility of POA holder and POA content.
For all practical purposes, you can give a specific power of attorney to someone, so that in your absence, things like registration, possession, execution of agreement for sale, agreement of leave and license etc, can be taken care. You can give a very specific POA to someone e.g. only for buying, or leasing, etc. you could fine tune the rights you would like to give out and clear that up