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Sale/Purchase of property |
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Sale is an absolute transfer of ownership with all rights in the property, for a price. Once the sale is completed, you get all rights of ownership, possession etc. over the property. The seller cannot claim any rights over your property after the sale. Procedure :Every sale of property above the value of Rs.100/- (i.e. practically every sale) has to be in writing and compulsorily registered. The registration takes place in the office of the Registrar within whose jurisdiction [the area over which the Registrar exercises his/her authority] the property is situated.Procedure : Stamp duty has to be paid depending on the value of the property [Each state has a law which prescribes the value of the stamp paper required for a particular deal/transaction. The state government fixes the market value of properties in different areas depending on the location and, demand etc. Stamp duty cannot be calculated for a value lesser than this fixed value]. The sale is complete upon registration.Categories...
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