When you are looking for an ideal home to live and you go to a real estate agent or a broker or even a builder, they might use jargons which you might not know.
But we give you a solution!!
Read this space every Tuesday & Wednesday for Real Estate Jargons.
- While purchasing a property (house or land), you need to pay a stamp duty.
- This is a certain percentage of the actual cost of the property and is levied by the state government.
- Every state has its percentage defined and can vary from 5-14 per cent.
- However, this is no way a proof for registration of property.
Registration of Agreement:
- Any immovable property document has to get registered at the time of purchase only.
- All the agreements related with such transactions should be registered with the sub-registrar of assurances under the provision of the Indian Registration Act.
- Do remember registration happens only when you pay the stamp duty to the government.