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FAQ's for Seller

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

A The liability of paying stamp duty is that of the buyer unless there is an agreement to the contrary. Section 30, of Bombay Stamp Act, 1958 states the liability for payment of stamp duty.

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

A 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 How does one determine the market rent ?

A There is no prescribed manner but it can be easily found out by approaching such people as the brokers, registration authority, and appropriate authorities etc.

Q In case a tenant is not protected by the Rent Act, what is the procedure to ask him to vacate and what is the notice period required to be given ?

A Normal procedure is to send a notice to the tenant, failing which a court case may be filed which usually takes 10 to 20 years to reach a verdict.

Q When is a sale of immovable property concluded?

A The sale of immovable property is concluded on payment of the entire consideration amount, registration of the document of sale and handing actual possession of the property to the purchaser.

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

Yes. Documents for sale/transfer of any immovable property of the value exceeding INR 100/- are to be compulsorily registered in the jurisdictional office of the Registrar of Sub Assurances.

Q Does one have to pay any amount for registration of the sale/transfer documents? A Yes. Registration of sale/transfer documents will involve payment of registration fee, as prescribed in the Registration Rules and as applicable in the States in India, where the Property is situated.
By vayaM CS