Contact us to find a Property in Ooty, Coonoor, The Nilgiris
Call: 09945397730
Email: contact@realestateooty.com
Website: www.realestateooty.com
FAQ about Real Estate, Buying Property in Ooty, Coonoor, The Nilgiris
Is it easier for NRI’s to acquire property in and around The Nilgiris?
Recently the Indian government has recognized the demands of the NRI to own property in India. It has become much easier to buy property for the NRIs. The new act FEMA ( Foreign Exchange Management Act) has made a some updates on acquisition of property and sale of property. Things have improved for NRIs and this is the right time to invest. Pretty soon there will not be enough land in main areas, Especially in Ooty, it will be very difficult to find a property and day by day the price is going up.
Few things to do before you buy a Property
First of all you should know your realtor. A realtor should be your friend whom you feel comfortable and trust worthy. Do your home work before dealing with the Realtor. Find out if they are trust worthy and ask for references if possible. Find out if their previous experience and ask a lot of questions. Also know who the owner of the property is and get to know and talk to them directly about more details. Once you decide on a particular property ask for Paper work. Send it to your Attorney or someone who is familiar with paper work. A good seller will have all the documents ready for inspection. It is advisable to run the paper through a property lawyer. Check for the Title Deed, verify and make sure the Title is in the name of the Seller. Verify if the land is under any legal disputes. The Encumbrance certificate for the past 13 years should be verified. Check how many owners are there for the property.
The Process of buying a Land:
The first step of actually buying the land is to draft an agreement between the parties involved in the transaction. This agreement has to be made on Rs.50 stamp paper.
The agreement should cover the following basic things:
- Agreed cost of the land between seller and buyer
- Advance amount given by the buyer
- Time span in which the actual sale should take place
- What procedure has to be adopted if any of the parties default on the agreement
- How the losses have to be covered if any of the parties default
- Particulars of the land
-
- Title deed, Prepare a Title Deed with a Document Writer or with an attorney
- Registration: The land is to be registered in a sub registrar office.
- The expenses involved during registration include Stamp Duty, registration fees, Document writers/lawyers fees etc.
- The Expenses: The stamp duty will depend on the cost of the property and varies from location to location. 2% will be charged as the registration fees. Document writer’s fees also depend on the cost of the property and vary with individuals. There is a percentage prescribed by the government as Document writer’s fee.
This post will be an ongoing post where you can be involved by posting comments and questions below or you can email me with any specific questions. Most of general information may be posted here after researching. Feel free to leave a comment
Thank you
Call: 09945397730
Email: contact@realestateooty.com
Website: www.realestateooty.com
Disclaimer:
The above information is just to give a general information. The information may change according to the government rules and regulations. Kindly check with the appropriate government boards to get accurate information.
