What Legal Procedures Need To Be Followed While Buying A Property - Adisesh Prime
Stamp duty and registration are two of the most important aspects of property transfer. Whether buying or selling a property, you need to follow all legal procedures and pay the required taxes to ensure official property transfer. Read more @ https://goo.gl/cLAHt1
Stamp duty and registration are two of the most important aspects of property transfer. Whether buying or selling a property, you need to follow all legal procedures and pay the required taxes to ensure official property transfer.
Read more @ https://goo.gl/cLAHt1
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When any residential or commercial property is transferred from one person to another,<br />
the government levies a tax on it, which is known as stamp duty. This tax can be levied on<br />
any kinds of freehold and leasehold properties. Therefore, whenever you are planning to<br />
buy home, you must be ready for such tax. Stamp duty is levied by state governments,<br />
which is why the rate varies from state to state. Other than stamp duty, there is another<br />
very important aspect that one must be careful about while selling or purchasing a<br />
property. You need to be very conscious about such legal rules and taxes to be safe. Just like<br />
stamp duty, even the registration charges vary from state to state. Let us learn about both<br />
these important legal documentations in detail.<br />
Stamp duty<br />
Based on the house sale agreement at the time of registration, the stamp duty is paid to the<br />
government, which needs to be paid within the specified time in full amount. Only after the<br />
payment of stamp duty is the documentation related to the taxes considered official and<br />
legal. You can pay this tax either before or on the day when the deed is executed. As<br />
mentioned above, stamp duty rates vary from state to state. So, speaking of Bangalore,<br />
stamp duty is 5% of the total cost of the property. This is calculated based upon the<br />
agreement value amount or the rates decided by the Karnataka state government –
whichever is higher. This stamp duty rate is not fixed, and is bound to change from time to<br />
<br />
<br />
<br />
<br />
<br />
time; and there is no fixed timeline for the charges to be revised by the government.<br />
Registration<br />
Registration is the full and final legal agreement between the property buyer and seller,<br />
which clearly indicates the change of ownership and transfer of the property. Only when<br />
the stamp duty is paid and documents legalized can the property be registered under the<br />
name of the new holder of the property. Therefore, registration is only possible after<br />
paying stamp duty charges. The general procedure for registration of property in<br />
Bangalore includes the following steps.<br />
Estimation of the value of the property<br />
Comparing the circle rates with actual rates (including stamp duty rates)<br />
Purchasing stamp papers after paying the tax amount<br />
Approaching the sub-registrar’s office to collect the sale deed<br />
Receiving a verified registration deal copy as per the registry details and date from the<br />
registrar’s office<br />
Following these steps, the selling and purchase procedure of any property in Bangalore can<br />
be made simpler and free from any sorts of risks and cheating.<br />
<strong>Adisesh</strong> <strong>Prime</strong> is one of the most affordable villa projects in Narasapura<br />
Bangalore offered by the renowned <strong>Adisesh</strong> Projects, who have immense experience in the<br />
field of real estate since decades. So, it is advisable to purchase a villa at <strong>Adisesh</strong> <strong>Prime</strong> if<br />
you are looking for a property in the IT hub of the country. And, make sure to follow all<br />
legal rules so that your purchase procedure is quick and hassle-free.<br />
For more information, visit: http://www.adiseshprime.com/