Question: After documents verification and confirmation from housing society and relevant government authorities, then how to finalize deal with important terms and payment options?

 

Answer:

1. Once a buyer verifies authenticity of all documents then stage comes to make and finalize a deal. Here many negotiations can happen.
2. When price is finalized then sale agreement is prepared as per terms and conditions which are discussed during meetings.
3. Usually first payment is made around 10% and remaining portions of payments are made time by time within 3-4 months or when transfer or sale deed is successfully registered to the new buyer.
4. Normally pay orders are issued to make payments.

 

Question: By which legal option one can buy leased status property?

 

Answer :

1. By sale deed or conveyance deed or gift deed between seller and buyer
2. By power of attorney between seller and buyer.
3. By sub power of attorney between buyer and seller

 

Question: What are negative points to buy a plot by power of attorney?

 

Answer:

1. If a person who gives power of attorney dies then there may be a problems because his heirs can claim property even their father/mother gave power of attorney to someone else.
2. Power of attorney is not a legal titled document of the property.
3. After some years, it can be invalid or authorities can demand to present actual person and most often it becomes very difficult.

 

Question: Then why people buy through power of attorney or its positive points?

 

Answer:

1. Its cost as compared to sale deed is less.
2. Mutation/transfer at housing society  is not applicable when property is bought through power of attorney.
3. Usually investors who buy property only for investment purpose adopt this way and within few months or a year they hand over the property to next interested buyer, so they don’t need official title of property and save their cost.

 

Question: Should i buy a leased plot by power of attorney, what is final ultimate recommendation?

 

Answer:

1. If you intent to sell it soon to next buyer at good rate then power of attorney is suitable
2. Or else go for sale deed if you plan to construct a house on your plot for the purpose of permanent residence.

 

Question: The property i am going to buy is not a plot but it’s already constructed house. Should i buy it through power of attorney or by sale deed?

 

Answer:

1. Answer is same, if you intent to sell it soon to next buyer at good rate then power of attorney is suitable to save cost or else go for sale deed.
2. Sale deed is most solid and secure option to register title of property in favor of your name.

 

Question: Why buying a leased plot through sale deed is important and preferred?

 

Answer:

1. Because sale deed is an official registered title of property with government authorities
2.  While power of attorney is not or has limitations.

 

Question: Why it is important to make a pay order or cheque in name of legal legitimate relevant person of the property and why payment should never be issued to the name of third party?

 

Answer:

1. Never compromise to make a payment to third party
2. Strictly make it sure to issue pay order in the name of actual seller.
3. You may be in severe trouble in case of any dispute if you fail to have any record of payment in favor of actual seller.
4. But you can issue payments to a person who has power or sub power of attorney from actual seller.

 

Question: At what stage seller hands over the original file?

 

Answer:

1. Once the transfer or sale deed is successfully submitted in concerned authorities and full payment is made
2. Then seller hands over original full complete file to a new buyer.

 

Question: What is mutation and why it is required?

 

Answer:

1. Once sale deed is registered and its documents are received then mutation is essential without any delay to register in a housing society office.
2. So they can add credentials of new buyer in their record. Fee is applicable.
3. Until you will not mutate, previous seller will remain owner in their record

 

Question: If i bought a plot by power of attorney, still mutation is applicable?

 

Answer:

1. No, as document of power of attorney is not an official title of property.
2. But you should submit copy of power of attorney in a housing society for their record or reference.

 

Question: If plot has “transfer status” and not leased then how and where to buy it? Where “transfer to my name” would happen?

 

Answer:

1. In such case, everything will happen in the office of housing society.
2. Presence of both parties is required there.
3. Cutting of newspaper, identity cards, photos, filled transfer form is also required.

 

Question: Is it essential that seller or genuine owner should be physically present in buying/selling process of  transfer status plot?

 

Answer:

1. Yes indeed. Sign & thumb should be made in your presence and you should physically witness it.
2. In some cases, actual seller grants power of attorney to someone to sell on his/her behalf, in this situation, first verify authenticity of power of attorney and then engage with that person.

 

Question: Are documents of transfer status plot are different then the documents of leased status plot?

 

Answer:

Transfer status plot has no lease deed or sale deed, all else is same like lease status plot.

 

Question: If i bought a transfer status plot, can i lease it with my name? What are charges to do so?

 

Answer:

1. Yes, it can be leased but confirm it from a housing society if they allow it.
2. Charges vary from different housing societies to different housing societies.

 

Question: Is it important to confirm from housing society that transfer status plot is leasable before buying it?

 

Answer:

If your intention is to keep the property for long time or for a purpose of permanent residence then its very important to confirm it because in this case you should register lease deed.

 

Question: Is it possible to build a house after map approval on “transfer status” plot?

 

Answer: Yes.