Buying or selling property is the most important investment most of us will ever do. It is thus very important that the Property Broker and Conveyancers are chosen carefully. The Property Broker will show you the selling contract to the parties – who must make sure they ask questions and understand all the conditions before filling out the contract. Once the contract of selling is finalized, it is an executed contract between the Seller and Buyer. It is imperative that we understand each and every factor responsible in making the transfer of a flat or for that matter any property seamlessly.
You must know that without proper documentation, no such actions need to be taken or else no one else but the buyer that is you shall be in thick soup. Proper documentation for property transfer and someone trustworthy should be considered while making this leap.
Transfer of the Property
The conveyancer is entitled to get the transfer documents ready and for that the person will require details of the buyer as well the vendor. The details can range from personal to professional together with necessary documents that prove the authenticity of the parties like Marriage certificates, divorce orders and even ANC. After the documents along with the Title Deed have been received by the conveyancer, the process to prepare the Transfer Documents and Proforma account will begin. The expenses incurred in the process will be paid by the buyer.
Let us know of the expenditure that will take place:-
• The Conveyance’s fees: these charges are arrested in accordance with a cost from the law community.
• Transfer Duty: this is a tax due to the state on all transfers of immovable property and is measured as a percentage of the purchase price. Transfer of a property cannot take place till the time the concerned office comes up with the evidence showing compensation of the transfer responsibility.
• Rates: the individual will be responsible for prices from the date of deciding upon up of the property in his name. Roughly 3 months’ transaction in advance will be needed by the Conveyancer to allow him to obtain a rates approval certification from the rates division. No transfer can be authorized until the Deeds Office has evidence that the prices have been compensated. A levy approval certification is must in case the flat is sectional title unit.
DOCUMENTS REQUIRED FROM THE TRANSFEROR (SELLER)
• Appendix – 20 (1): A kind of notice of objective of a participant to transfer his/her/their stocks and attention in the main city /property of the community.
• Appendix – 21: A type of application for change in stocks and attention in the main city /property of the community by the transferor.
• Appendix – 13: A type of notice of resignation of account of the community by selling property participant (in a situation of giving up the flat to the society).
• Submission of N.O.C: From funding agency, if any.
• Declaration: In support of passing over the ownership.
DOCUMENTS REQUIRED FROM THE TRANSFEREE (BUYER)
• Appendix – 20 (2): A type of correspondence of approval of the suggested transferee for the change in the stocks and attention of the participant – transferor to the transferee.
• Appendix – 23: A type of application for the account of the community by the suggested transferee.
• Appendix – 4: A type of undertaking to be equipped by the potential participant to use the flat for the purpose for which it is allocated.
• Stamp duty compensated agreement copy.
• Payment of transfer fee: Rs.500/- due by the suggested transferee.
• The top quality amount of Rs. 25, 000/-: The transaction of charges are not appropriate if the flat has been used a part of his family or to his nominee or his heir/attorney after his loss of life and regarding the common transfer of apartments amongst the members.
• Undertaking/declaration: Depending on the conditions of any law for the time being in force, in such type as it is recommended under these bye-laws.
• Protecting correspondence to the society: From transferor and transferee telling the community about the selling/buy of stocks of the community.
• Indemnity bond: indemnifying the community by the transferee.
The panel has to make sure the applications acquired by the assistant of the community are considered and got rid of off within three several weeks of the date of the invoice.