Points to Remember While selling or buying a property

When we buy or sell any property in Delhi NCR, we need to be very cautious. A little carelessness can lend you in a very large money loss. So while finalizing any such deal you need to keep in mind the following steps.

1. Terms of payment: Seller and buyer need to agree upon a mutual agreement regarding the payment schedule and payment amount etc. It also discusses the amount paid in advance and all conditions related to the advance payment etc. Everything should be kept in writing and should be properly signed by both the parties along with two or more witnesses. 
2. Transfer of property's title: This is one of the last and very important steps during the property deal. The seller has to transfer the property to the name of buyer with the local registrar under whose jurisdiction the property was earlier registered. The buyer also need this title transfer in case he is taking a loan for this property. Once the seller gets his full and final payment, he should transfer the property title to the buyer's name.
3. Stamp Duty: The govt. authorities charges a fix percentage of the total sales value of the concerned property. in Delhi the current stamp duty charges are 4% for a male buyer and 6 % for female. In case of a joint ownership of the property the stamp duty to be charged at 5% of the total sale amount.
4. Sale Deed: This is the final and most important document in the deal of a property. It is the final sale agreement between the seller and buyer. Both the parties need to go through this deed thoroughly. If there is any kind of problem, confusion or difficulty, any of the parties can ask for the expert's help for the same. In case the property has more than one owner then each of them has to sign this document. This document also provides the details of the property like the layout plan, necessary permissions from the concerned authorities, maps and details to identify the owners of the property.