What is the procedure of buying ?

Discussion in 'India property' started by Nadeem Akhtar, Oct 3, 2016.

  1. Nadeem Akhtar

    Nadeem Akhtar New Member

    What is the procedure of buying land in Punjab (India)?
     
  2. NitaRoy

    NitaRoy New Member

    Purchase property in India, it is important for the buyer to hire a real estate attorney to protect his/her interests during the transaction. Once the property has been chosen, and a price has been negotiated with the seller, the attorney draws up an Agreement of Sale. Upon signing, the buyer normally pays a deposit of 10% to 20% of the purchase price. The lawyer then conducts due diligence and the buyer obtains the title documents from the seller. The title should be checked to have encumbrances.
    The conveyance documents must be stamped at the Stamp Duty Office before signing. After this, the remaining balance is settled, and the deed is registered at the Sub-Registrar of Assurance Government duties are paid.
    The whole process of registering property requires five procedures, which can be completed in around 44 days.
     
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