What Legal Procedures Need To Be Followed While Buying A Property - Adisesh Prime

1. When any residential or commercial property is transferred from one person to another, the government levies a tax on it, which is known as stamp duty. This tax can be levied on any kinds of freehold and leasehold properties. Therefore, whenever you are planning to buy home, you must be ready for such tax. Stamp duty is levied by state governments, which is why the rate varies from state to state. Other than stamp duty, there is another very important aspect that one must be careful about while selling or purchasing a property. You need to be very conscious about such legal rules and taxes to be safe. Just like stamp duty, even the registration charges vary from state to state. Let us learn about both these important legal documentations in detail. Stamp duty Based on the house sale agreement at the time of registration, the stamp duty is paid to the government, which needs to be paid within the specified time in full amount. Only after the payment of stamp duty is the documentation related to the taxes considered official and legal. You can pay this tax either before or on the day when the deed is executed. As mentioned above, stamp duty rates vary from state to state. So, speaking of Bangalore, stamp duty is 5% of the total cost of the property. This is calculated based upon the agreement value amount or the rates decided by the Karnataka state government –

2. whichever is higher. This stamp duty rate is not fixed, and is bound to change from time to time; and there is no fixed timeline for the charges to be revised by the government. Registration Registration is the full and final legal agreement between the property buyer and seller, which clearly indicates the change of ownership and transfer of the property. Only when the stamp duty is paid and documents legalized can the property be registered under the name of the new holder of the property. Therefore, registration is only possible after paying stamp duty charges. The general procedure for registration of property in Bangalore includes the following steps. Estimation of the value of the property Comparing the circle rates with actual rates (including stamp duty rates) Purchasing stamp papers after paying the tax amount Approaching the sub-registrar’s office to collect the sale deed Receiving a verified registration deal copy as per the registry details and date from the registrar’s office Following these steps, the selling and purchase procedure of any property in Bangalore can be made simpler and free from any sorts of risks and cheating. Adisesh Prime is one of the most affordable villa projects in Narasapura Bangalore offered by the renowned Adisesh Projects, who have immense experience in the field of real estate since decades. So, it is advisable to purchase a villa at Adisesh Prime if you are looking for a property in the IT hub of the country. And, make sure to follow all legal rules so that your purchase procedure is quick and hassle-free. For more information, visit: http://www.adiseshprime.com/