Buying or selling a property can be a huge task both financially and emotionally. Therefore, proper care has to be taken to ensure that all legal intricacies are absolutely unambiguous. So, there are no legal hassles in the future the intricacies to be kept in mind are :
- Legal due diligence on the property by the buyer and check about the capacity to pay by the seller.
- Agreement to sell and earnest money (An agreement to sell protests the interests of both parties and spells out in clear terms the conditions)
- Execution of sale deed
- Possession, Registration, and completion of payment
- What is Stamp Duty and who is liable to pay the stamp duty, the purchaser or the developer?
Stamp duty is tax similar to sales tax and income tax that has to be paid to the government in full and on time a stamp duty paid is considered a proper and legal document. The liability of being a stamp duty lies with the buyer unless there has been an agreement to the contrary.
Can a Power of attorney be issued to someone else to register the document in case of being out of the country?
Yes, the power of attorney can be signed and attested at the Indian embassy, Indian consulate or a local notary. Once the same has been sent to India and received, it is submitted to the collector of stamps for adjudication. Once the same has been adjudicated the power of attorney holder can then submit it at the time of registration of the property.
In whose name are the stamps required to be purchased?
The stamps required are to be purchased by any one of the executors of the instrument.
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