I Serve Consultings

PROPERTY BUYING FAQ'S

We help you simplify, the most important decision of your life - buying a home. We combine the power of internet to provide comprehensive information alongwith the personal touch of an Property Advisor who provides unbiased advice and helps conclude the transaction.

Q.1 What is the difference between freehold and leasehold property?

Ans. A freehold property consists of the house/building you are purchasing along with the land upon which it is built. The ownership in freehold properties is for an indeterminate length of time.

A leasehold property is that which consists of the house/building only but not the land upon which it is built. It is that form of property in which the holder of the interest has the right to use or occupy, but not to sell or transfer the property. The holder of the property occupies the property for a specified period of time. After expiring the date, the property holder has to return it to the person who owns the land.

Q.2 What essential aspects should be kept in mind before purchasing a property which is registered on the name of a company?

Ans. Before purchasing any property, you should verify from the Registrar of Companies that the property is neither mortgaged nor collateral security against any loan etc.

Q.3 Which important documents should you check before buying a property?

Ans. Before purchasing a property, you should look at the sanctioned layout plan, building plan, ownership documents, carryout search, etc. As all these processes are very hectic and requires a lot of legal probing, so it is better to contact an advocate so that he can advise you.

Q.4 What are the legal formalities to gift a flat in a Co-operative housing. What about stamp duty?

Ans. Under the TOP Act, gifting of an immovable property is considered as a 'transfer'. In this case you have to register the transaction through a Gift Deed. The payment of stamp duty is to be done as per provisions of the relevant stamp Act depending in which state the property is situated.

Q.5 In whose name are the stamps required to be purchased ?

Ans. You should purchase the stamps in the name of any one of the executors to the Instrument.

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Phone: +91 - 9212 0829 86
E-mail: enquiry@iserveconsultings.com

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