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Resale transaction - Stamp duty, registration and other costs
July 10 2009 , 03:53 PM   #1
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Resale transaction - Stamp duty, registration and other costs

I was inquiring about resale properties in Wakad.

I want to know, do we have to pay the stamp-duty again if we buy flat in resale from owner who has already paid the stamp-duty ?

One owner also told that I will have to pay for NOC from builder. Whey do we need NOC when the flat is already owned by current owner and not builder.

Are there extra MSEB charges to transfer it to our name ?

What are all costs associated ?
July 12 2009 , 11:07 PM   #2
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Quote:
Originally Posted by aditi sharma
I was inquiring about resale properties in Wakad.

I want to know, do we have to pay the stamp-duty again if we buy flat in resale from owner who has already paid the stamp-duty ?

One owner also told that I will have to pay for NOC from builder. Whey do we need NOC when the flat is already owned by current owner and not builder.

Are there extra MSEB charges to transfer it to our name ?

What are all costs associated ?
Here are the documents required for a resale funded through Bank loan

Index -IIRegistration receiptSociety or Builder NOC :-In case Builder NOC pl check following clause" Now Mr (seller's Name) is selling above flat to Mr.(Customer name). We are aware about thesaid transaction and we have no objection for the same" and also 1st name in NOC should be seller's name.Original Search & Title report for 13 to 30 years depending on the bankAll Previous Owners original chain agreement ,IndexII/RR .sanctionplanCompletion certificate.( by PMC)Share certificate-If not issued ,the same should be mentioned in Society Noc/letter. if loan taken by seller.1.loan outstanding letter 2. list of original docs with bank.property tax receipt MSEB Bill latestMaintenance charge paid to the Builder receiptIncome tax paid till date - In case of either the Purchaser or the Seller being a Non-Resident Indian, not assessed to tax in India, such a Party would be required to file Form 60 of the Income-Tax Rules.NOC from Income Tax Authorities to facilitate registration of the purchase Power of attorney - In case of NRI
All of the above may not be applicable to all resale.

Stamp duty and Registration ensures the property owner is the buyer.
Extra costs are
Legal costs - 10 -15 K
NOC from Builder /society - 25-50 PSF or less

Some sellers go for a Memorandum of Understanding ( MOU) on a 100 Rs stamp paper.
Do consult a good Attorney for resale for No encumbrance and clear title documents.
July 13 2009 , 06:57 PM   #3
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Can someone answer this question pls.
July 13 2009 , 09:07 PM   #4
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I per my knowledge ( May be there are changes in last 1 year) you need to pay stamp duty and registration again. MSEB may be nominal transfer charges. NOC has to be taken from society or builder if society not formed (MAx 25000/-). If any maintainance pending with society and also property tax if not paid by first owner.
July 14 2009 , 01:29 AM   #5
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Quote:
Originally Posted by aditi sharma
Can someone answer this question pls.
Stamp duty=5% of total value on paper & reg. charges is INR 30,000/-. This has to be paid for every transaction when the sale deed is signed. It can be paid either by buyer or seller but it has to be paid. Other charges like society name transfer,share certificate etc. should not cost more than INR 25,000/-. MSEB charges are nominal but this issue is between you & MSEB & not the society. Some of my friends who have bought flats almost over 3 years ago still don't have MSEB connection in their name!
Check for property tax first. If the owner has not paid, you are liable for the same. Make sure all taxes, bills are paid till the date of 'agreement to sell' between you & the current owner of the property.
July 14 2009 , 03:24 AM   #6
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I am wondering why do we need to pay 25000/- for NOC to builder or society if that unit is already registered on owners name.
July 14 2009 , 09:17 AM   #7
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I know its a bit precise, so would like to share here.....
Stamp Duty is Rs 7610 for first 5 lacs +5% of rest of the amount....Registration charges are 1% f the total value disclosed in the agreement till Max 30,000 (that mean for a flat ledd than 30 lacs reg is less than 30K & for flat value more than 30 lacs its 30K fixed)....

"why do we need to pay society 25000/- for NOC to builder or society" I think what society thinks that they have sold flat to you , so they would prefer to see your face in the society, rather person who is the new owner or else society thinks that you are making some money by selling this flat to other person, so they also want their CUT in your profit ha ha ha
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July 14 2009 , 10:01 AM   #8
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Pride Purple is charging 1L as NOC for resale properties in ParkStreet
July 14 2009 , 11:02 AM   #9
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Quote:
Originally Posted by realacres
Stamp duty=5% of total value on paper & reg. charges is INR 30,000/-.
I think above information is correct but I also read somewhere that stamp duty is to be paid on appreciation value, ie If flat was bought at 10L and on this amount stamp duty was paid by 1st owner and now 1st owner is selling it at 15L then on this transaction, stamp duty to be paid is on 5L. I am not sure where I read this.
July 14 2009 , 11:47 AM   #10
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Quote:
Originally Posted by shailendrapp
I am wondering why do we need to pay 25000/- for NOC to builder or society if that unit is already registered on owners name.
That is for transfer of share certificates by which you are made a member of the society alongwith voting rights. Btw, this is the max. value. In some cases it is even INR 5k.
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