Buying Tips
While buying an estate the first step to keep in mind is to choose a specific area to search. Check out the home prices, variety of schools, employment and other nearby resources like the fire station, general and grocery stores.
A real estate agent can be your major resource for help and information, however, you can also research online if the details are available. The first step is to pick out a particular area to focus on. While many sites allow you to view the MLS, you will require an agent to tour the readymade homes.
Any real estate agent will be demanding when it comes to selling and making an offer. It’s better to avoid agents who work with the construction house as they might try to compromise your benefits. The home buying process is a bit complex but with the right resources and a good agent can help the buyer overcome all the obstacles.
Funding is a significant step in the buying process. It is important to be pre-approved for a mortgage before searching for houses. Pre-approval means that you have been screened by the banker and approved for a loan.
FAQs
The price that a property can command in the open market is known as its market value.
If the transfer takes place within three years of purchase, the income tax exemption under Section 54F of the Income Tax Act does not hold good.
The valuation process evaluates the market value of the property. Demand and supply forces operating in the market, as well as other factors like type of property, quality of construction, its location, the local infrastructure available, maintenance, are all taken into consideration before the market value is decided.
Stamp duty is based on the market value or the agreement value of the property, whichever is greater.
All requests for acquisition of agricultural land / plantation property / farm house by any person resident outside India may be made to The Chief General Manager, Reserve Bank of India, Central Office, Exchange Control Department, Foreign Investment Division (III), Mumbai 400 001.
A lease agreement can be reached in either of two ways, depending upon each case:
In cases where the lease contract is from year-to-year / exceeding one year's rent / reserving yearly rent, then a registered instrument can be created, which both the lessor and the lessee must execute.
In cases other than the above, an oral agreement followed by delivery of possession is considered enough.
If you purchase a new flat within two years of the date of sale of the original flat and invest the entire amount of capital gained into the new flat, you will not have to pay any capital gains tax.
There is no prescribed norm for determining the market rent rate though it can be easily found out by approaching individuals such as brokers, registration authority, etc.
There is no prescribed norm for determining the market rent rate though it can be easily found out by approaching individuals such as brokers, registration authority, etc.