Advanced 9 terms to boost your real estate knowledge

Advanced 9 Terms to Boost your Real Estate Knowledge

Picking off from where we left off last time  we are here to provide you with more real estate gyaan in the form of another 9 essential terms you ought to know to be  an informed consumer. So let’s get into it, shall we?

Registration Charges

As the name implies, it is the fees one has to pay when the property is being registered in your name, to name you as the undisputed holder of the property. The registration charges vary from state to state, it is around 5% of the property value in Karnataka, and in some states like Maharashtra it is around 1%.

Gift Deed

A gift deed is used when one wishes to transfer the property in question without involving any money. A gift deed is most often instated when family members wish to pass on their property to their loved ones. One has to be aware of the fact that stamp duty is still applicable to a property transferred via a gift deed.

Power of Attorney

Power of attorney is when you legally nominate someone to represent you when you are unavailable for whatever reason. The person appointed through power of attorney usually has full powers of representation and execution on par with the original holder.

Sale Deed

A sale deed is a document that testifies one party has sold/transferred to another. Only once both the parties sign the sale deed, is the deal considered to be legal and valid. A sale deed contains a lot of useful information like property size and measurements, ownership history, etc. Not only this but the stamp duty and registration charges are calculable based on this document. This makes it one of the most essential papers when it comes to your property.

GST

With the implementation of GST in 2017 across the nation, a uniform tax is being levied on property. A tax of 18% GST is being implemented on property sales, CGST of 9% and SGST of 9% respectively. Stamp duty and property tax at the moment are out of the purview of GST, but will be subsumed later.

Conveyance Deed

The conveyance deed is the document that transfers the ownership of the property in question to a housing society. This deed is only executed once the project is completed and is essential as without it the property would still belong to the builder in question.

Completion Certificate

A completion certificate comes into question only when all the construction work has been completed by the builder. It is at this point that the local municipal body comes down to the property for an inspection and declares it to be within the norms of property construction.

Possession Certificate

It is a legal document that gives the holder the right to occupy the property in question. Builders usually issue this certificate to people who have pre-booked a property once the construction is completed. It is important to note that a builder cannot issue a possession certificate without a completion certificate.

Ready- Reckoner Rates or Guidelines Value

These are the general pricing guidelines that the government sets the value of property in a particular area. Builders always charge a premium over these rates for the properties that they construct and sell. The registration charges and stamp duties are chargeable on these minimum guidelines.

This concludes our little tour of the real estate world, we hope you have learned something of value along the way.

The Best Office Space In Bangalore – Book Now!

the best office space in bangalore

subscribe
Enter your Email ID

subscribe
Enter your Email ID

  1. I really like yoսr writing style, fantastic inf᧐rmation, thank you for putting uр
    :D.

  2. I ցot tһis web pɑge frоm my friend who shared with me
    regarding tһis web paցe and at tһe moment thiѕ timе I am browsing tһіs website
    аnd reading very informative content at this plaϲe.

  3. Mу spouse and Ι аbsolutely love yⲟur blog аnd fіnd a lot of
    your post’s to be wһat precisely I’m loߋking
    for. can you offer guest writers tо writе content for you?
    I wօuldn’t mind creating ɑ post oг elaborating on a few of the subjects you ѡrite with гegards tⲟ here.
    Αgain, awesome web site!

  4. Very well written post. It will be һelpful to anybody ᴡho usess
    it, inclսding me. Keep doing what you are doing – can’r wait
    to read more posts.

  5. Great blog hеre! Αlso youг site loads up fast! What wеb һost aгe you
    սsing? Can I get your аffiliate link to your host?
    I wish my website loaded up as quickly as yours lol

  6. Ꭲhis is a very good tip eѕpecially to those fresh to the blogosphere.
    Brief but verʏ ⲣrecise information? Ꭺрpreciate your sharing this one.
    A must read poѕt!

Leave a Reply

Your email address will not be published.

You may use these <abbr title="HyperText Markup Language">HTML</abbr> tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>