I ,Vinay Bisen real estate agents/consultants with focus on sale, purchase of property, property investments, property advises, real estate solutions, property management in & around Nagpur. We continually strive to achieve high levels of customer service along with a complete marketing strategy.
I am stated the business & having been agents in this area since 2000. I am a specialist approach to marketing and selling properties with unique features. In this ever changing
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Buyer Guide

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Vinay Bisen
+91 9823265172
vinay.bisen@gmail.com
faq

Property Buying FAQs

Buying a property is one of the single most important decisions that a person makes. And therefore, it is important to know pertinent details and processes that are involved before, during and after a property purchase. In addition to buying, selling tips, some equally important guidelines that can help you with the various legal, tax and other technicalities for buying a property in India.

Some important guidelines for property .

Making the decision to buy a property, identifying the desired location and property is just the first and most simple step in your property buying journey. The real efforts start after this point. Let's find out more about the key aspects that need to be covered during a property purchase.

1) What are the important documents to be checked before buying a home/property?
Ans : Once you have zeroed in on the home of your choice it is necessary to check up on some important documents closely before proceeding further. Carry out a thorough search and check out the approved layout plan, the building plan, ownership documents, etc. It is advisable to get professional legal help to help you verify the validity of the documents.

2) What is meant by the market value of the property?
Ans : Market value means the price at which you can buy a home/property in the open market on the specified date of execution.

3) Where can you find the true prevailing market value of the property?
Ans : The Sub-Registrar of the area, in whose jurisdiction the property is located, is the person most apt to for finding the market value of the property.

4) Who should pay Stamp Duty - the buyer or the seller?
Ans : The buyer, as the liability of paying stamp duty is that of the buyer, unless there is an agreement to the contrary. Section 30, of Bombay Stamp Act, 1958 states the liability for payment of stamp duty.

5) Is Stamp Duty payable on the market value of the property or on consideration as stated in the agreement?
Ans : The Stamp Duty is payable on the agreement value of the property or the market value which ever is higher.

6) On what legal documents is a stamp duty levied?
Ans : Significant legal documents required in property transactions such as Agreement to Sell, Conveyance Deed, Exchange of property, Gift Deed, Partition Deed, Power of Attorney, settlement and Deed and Transfer of lease attract Stamp Duty calculated as per the market value of the property.

7) What is a Title Deed?
Ans : A title deed is an investigation into the title of the land, over a period of 30 years, to ascertain whether the property is unencumbered and has a clear and marketable title.

  • Always insist on checking the original title deed instead of just a photocopy.
  • Confirm that the seller is indeed the owner of the property.
  • Ideally you should get the title deed verified from legal experts to be on the safer side.
If the title deed is not clear and marketable, getting finance from recognized financial institutions will become extremely difficult; get in touch with a financial institution to check if they would provide a loan for that particular property.

8) What is Stamp Duty and Sale Deed?
Ans : Stamp duty is usually a percentage of the transaction value levied by the state government, on every registered sale. The agreement to sell clearly states the stamp duty, which is usually paid by the buyer, and he gets his name registered in the land revenue records. The final sale deed should be stamped and registered at the appropriate local area office. Both the developer/seller and the purchaser need to be present at the sub-registrars office, for registering the agreement.

Tax Benefits

Purchasing a home is a big financial decision. Let's find out if there are any tax benefits that can be availed of against buying a house.

1) Are there any income tax benefits for property purchase?
Ans : If you are getting your house purchase financed via a bank or a financial institution then as per Section 88 of the income tax you can claim benefit for the principle repayment, interest on loan is deductible u/s 24 from income from House Property. But these benefits are available only for residential properties and not for commercial properties.

2) Should I pay tax if I sell off any residential or commercial property?
Ans : Yes, you are liable to pay Capital gains tax on profit arising from sale of a house property.

3) Can I claim tax exemption on capital gain?
Ans : In fact you can. The Income Tax act has made provision u/s 54 & 54A--G of the act whereby you can claim exemption from tax on capital gains.

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