Q. State the difference between carpet area, built up area, and super built up area?

Ans. Carpet Area is the area of the apartment or building excluding the area of the walls. Built up Area is the area of the entire building or apartment including the walls. Super Built up Area includes the built up area along with the area occupied by common spaces like lobbies, lifts, stairs, etc.

Q. Who is responsible to pay the Stamp Duty - the buyer or the seller?

Ans. It is the liability of buyer to pay stamp duty unless there is an agreement to the contrary.

Q. Which type of documents can a buyer ask a seller to represent before selling of the property?

Ans. A buyer can ask the seller for photocopies of original sale deed, tax paid receipts, encumbrance certificate.

Q. Does the seller have to pay any charges for registration of the sale/transfer documents?

Ans. Yes, the seller has to pay registration fee on registration of sale/transfer documents, as prescribed in the Registration Rules and as applicable in the States in India.

Q. Is it necessary to register the documents for the sale of property?

Ans. Yes, if there is a sale/transfer of any immovable property of the value more than INR 100/- then in that case it is compulsory to register the documents in the jurisdictional office of the Registrar of Sub Assurances.

Q. What do you mean by the market value of the property? Is Stamp Duty payable on the market value of the property or on consideration as stated in the agreement ?

Ans. Market value of a property means the price at which it could be bought in the open market on the date of execution. The Stamp Duty is payable on the market value of the property or the agreement value which ever is higher.

Q. Who is the suitable authority for knowing the market value of the property?

Ans. The Sub-Registrar of the area in whose jurisdiction the property is located is the appropriate authority for knowing the market value of the property.

Q. Can anyone sell property before its completion?

Ans. Yes, you can sell your property before its completion. Sometimes the developer will charge a fee but usually it is free of charge. You would have to pay an agency for carrying out the marketing and sales of the property. The main costs are your legal fees which varies between companies.