Leasehold Property is property leased to a lessee for a stipulated period. The Lessee pays lease premium and annual lease amount as fixed by the Lessor. The land ownership rights remain with the Lessor and a prior sale-permission is normally required if you plan to transfer the property.
A khata is an account of assessment of a property for the payment of tax. The khata does not confer ownership. However, the title deed is the document through which a person derives a title or ownership of the said property.
A Khata is an account of assessment of a property, recording details about your property such as size, location, built up area and so on for the purpose of payment of property tax. It is also a kind of identification of the person who is primarily liable for payment of property tax.
It is one of the required documents in case you require a building license, trade license or loan from banks or any other financial institutions. It is mandatory for all property owners/holders to pay property-tax, hence you need a khata.
A draft Sale Deed, containing full details of the parties, advance amount paid, mode of balance amount payable, receipt of the balance amount by the seller, handing over the original documents of the property, handing over the possession of the property, handing over the authorization letter to transfer power and water meters, signing of the application for transfer of khatha, title of the seller of the property, indemnifying the purchaser in case of defect in the title, easement rights, will be prepared by the purchaser's advocate. Such draft Sale Deed should be captioned as draft Sale Deed and shall be signed by the purchaser's advocate.
Sale Deed also known as conveyance deed, is a document by which the seller transfers his right to the purchaser, who, in turn, acquires an absolute ownership of the property. This document is executed subsequent to the execution of the sale agreement and after compliance of various terms and conditions detailed in the sale agreement.
Yes. Buying a home or an office is probably the largest single investment you will ever make. You should learn as much as you can about the condition of the property and the need for any major repairs before you buy, so that you can minimize unpleasant surprises and difficulties at a later stage. A close inspection points out the positive aspects of the property, as well as the maintenance that will be necessary to keep it in good shape. After the inspection, you will have a much clearer understanding of the property you are about to purchase.
You need to investigate the condition of the property and all its systems such as :-
This break up is extremely essential as builders can place anywhere from 65% to 85% per cent of the super built area as carpet area. That means, if the price is quoted as 1,000 sq ft super built up area, the carpet area could be anywhere from just 650 sq ft to 850 sq ft. If this break up is not mentioned in the agreement, demand that the vendor/ builder mention it in the sale deed.
Some of the factors a purchaser must keep in mind while purchasing a residential flat are: