Frequently Asked Questions
Questions about Property
Real estate is all about location.
And, when I say real estate I mean houses, shopping centers etc.
A house is going to have 1 of 3 things happen:
- It is going to go up in value
- It is going to stay the same not go up nor down
- It is going to go down
In the case of a house not appreciating in value:
- During a financial crisis yes it will lose value, but it will recover in tandem with the economy.
- If a neighborhood goes bad the property value will take a dive; once the area improve so will the home value.
- Carpet Area: This is the area of the apartment that does not include the area of the walls i.e. the area of the apartment that a carpet can cover.
- Built-Up Area: This is the area of the apartment that includes the area covered by the walls.
- Super Built-Up Area: This includes the built-up areas such as the lobby, lifts, stairs etc. This term is therefore only applicable for multi-dwelling units, such as flat complexes.
- A Lease, defined under Section 105 of The Transfer of Property Act, 1882, is a transfer of the right to enjoy the concerned property for a pre-defined time period or in perpetuity. The lessor (owner of the property) gives the lessee (the one leasing the property) such consideration periodically, usually at the beginning or end of a lease agreement.
- License is defined in Section 52 of the Indian Easements Act,1882. License does not allow any interest in the premises on the licensee’s part. It merely gives the licensee the right to use and occupy the premises for a limited duration.
- A lease deed needs to be stamped and registered. The amount payable towards the lease deed’s stamp duty is more than that payable towards the Leave and License’s. For a period exceeding three years, the stamp duty is same for both agreements.
By registering the transaction of an immovable property, it becomes permanent public record. Title or interest can be acquired only if the deed is registered.
Stamp duty is a charge which is applied by state governments in India and is in relation to the transfer of land or property. The State Government charges may vary depending on the purpose of the property purchased.
Question about Seller & Buyer
Common mistakes by first-time homebuyers include skipping mortgage pre-approval, neglecting to research the neighborhood thoroughly, emotionally investing in a property too soon, and ignoring the long-term costs like maintenance, property taxes, and utilities. A well-informed real estate agent can help first home buyers navigate all these considerations.
15 Must Have Documents Required for Home Loan
- Loan application form.
- 3 photographs passport sized.
- Identify proof
- Residence proof
- Bank Account Statement/Passbook for last 6 months.
- Signature verification by bankers of the applicant.
- Liabilities statement and Personal Assets.
- Property detailed documents
- Salary Certificate (original) from employer. (salaried individuals)
- Form 16/IT Returns for the past 2 financial years. (salaried individuals)
- IT Returns/Assessment Orders copies of the last 3 years. (self – employed professionals)
- Challans as proof of Advance Income Tax payment. (self – employed professionals)
- Proof of business address for non-salaried individuals. (self – employed professionals)
- IT returns/Assessment Orders copies of the last 3 years. (Self – Employed Businessmen)
- Challans as proof of Advance Income Tax payment. (Self – Employed Businessmen)
Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property.
The difference between prequalified and preapproved is absolutely something you need to know when buying a home. If you’re prequalified it means that you POTENTIALLY could get a loan for the amount stated to you, assuming that all of the information you provide to the bank is accurate and true. This is not as strong as a preapproval.
If you’re preapproved, it means that you have undergone the extensive financial background check, which includes looking at your credit history, previous tax returns and verifying your employment – and the lender is willing to give you a loan, basically meaning you’re approved! If not, another question to ask when buying a home is what you can do to get approved in the future. Your mortgage lender will be able to help.
You will usually be provided an accurate figure which shows the maximum amount that you are approved for. Most sellers prefer buyers that have been preapproved because they know that there will not be any problems with the purchase of their home.
Let’s start by understanding the significance of property document verification in determining the legal status of a property, the list of documents required to verify the property and its authenticity.
Here is a list of the documents you will need to gather to verify the property:
- Mother Deed (Title Deed/Sale Deed)
- Mutation Certificate
- Encumbrance Certificate
- Property Tax Receipts
- Conversion Certificate (NA Order)
- Approval from Local Authority (Commencement Certificate)
- Building Approval Plan
- Occupancy Certificate (Completion Certificate)
- No Objection Certificate (NOC)
- Power of Attorney (if applicable, especially if landlord is NRI)
- Joint Development Agreement