Wednesday, May 11, 2016

List of Documents Required for Sale of a Property

Whichever applicable

1. Parent Documents for Land.

2. Sale Deed For whole or undivided share of Land

3. Agreement for Construction From Builder

4. Floor Plan, CMDA Approved

5. Sanctioned Building Plan, CMDA or Corporation Approved.

6. Encumbrance Certificate, Till date (Present Month / Year)

7. Property Tax Card With Receipts, Paid Up to Date.

8. Metro Water & Sewerage Tax Card, With Receipts Paid Up to Date.

9. Building Maintenance Receipts, Paid Up to Date

10.Electricity Card with Receipt, Paid Up to Date

11.Any Other Supporting Documents

12.Original Document held by the bank – loan if any Letter from the bank total outstanding as on date.

13.Land Patta, Chitta, Adangal copy.

14.Allotment letter with Building Specification

15.Car Parking Letter

16.Legal Opinion from the Builder(Flat)

REAL ESTATE REGULATORY ACT (RERA) APPLICABLE TO ITS AGENTS

1. Registration of Real Estate Projects & Real Estate Agents with RERA has become mandatory.

2. Developers & Builders should disclose all the details about their Agents marketing their inventories.

3. This acts prohibits RERA registered Real Agents facilitating sale or purchase of unregistered projects.

4. Every Registered Agents will have a Registration Number from RERA. Periodical renewal would be applicable.

5. Any breach of terms by Registered agents prescribed by RERA, no revocation or suspension shall be made without giving an opportunity to the said Real Estate Agent.

6. The Agents should also preserve books of accounts, records and documents. He should not engage in any act of representation. 

7. Any aggrieved person may file a complaint against the Real Estate Agent to the Authority or adjudicating officer. 

8. In the event of any complaint, the authority may call for such explanation or information from the Real Estate Agent.

9. The functions of the authority include the power to register the Real Estate Agent registered under the Act, maintain data base of Real Estate Agents, fixing fees to be levied with Real Estate Agent, ensure compliance of obligations by Real Estate Agents etc.

10. The authority may pass interim orders restraining the Real Estate Agent from carrying on any Act in contravention with the rules.

11. The authority has the right to levy the penalty on the Real Estate Agent.

12. Failure to pay such penalty, the same may be recovered from the Agent as arrears of land revenue. 

13. Central Government while constituting the Central Advisory Counsel  for more than 10 days which may be also representing Real Estate Agent.

14. If the Real Estate Agent fails to comply or contravenes the provisions of Section 9 (Section 9 of the said Act prohibits any Real Estate Agent from facilitating Sale or Purchase of any Real Estate Project Registered under the Act without being duly registered. Section 9 provides with the procedure of registration.) and 10 (Under Section 10, (1) the Real Estate Agent should not facilitate any Project unless it is registered with the Regulatory Authority. Under Sec.10 (2) The Agents should also preserve books of accounts, records and documents. He should not engage in any act of representation. ), he shall be liable for penalty of the 10,000 per day.  If such default continues it may cumulatively extend upto 5% of the cost of the Plot, Apartment or Building as the case may be. 

15. If the Real Estate Agent fails to comply or contravenes any of the order , decision or  directions of the Appellate Tribunal, he shall be punishable by imprisonment  of one year or fine for every day which may be cumulatively extend to 10%. It is to be noted that these are in the Central Government Act and will have to be accepted by the concerned State Government for being applicable  to the concerned Estate. Further the Act has not yet been notified. The Act also provides for Rules and Regulations to be framed, regarding the procedure of Registration and Registration fees of the Real Estate Agents. The Rules and Regulations after being framed would give further guidance about the responsibilities and duties of the Real Estate Agents.

Rule of 72

DOUBLE THE MONEY:

In personal finance, if you divide the number 72 by the rate of interest, you get to know the number of years it will take for you to double the money..

Eg: if the rate of interest is 9%, simply divide the number 72 by 9% and the answer is 8. Thus 8 years will take to double your money if you invest at 9% of rate of interest.

INTEREST: 

We can use this rule in reverse to know the rate of interest needed to double your money to achieve your set goal.

Eg: you have 2.5 lakh today and you need 5lakh in 5 years. Just divide the number 72 by 5, the answer is 14.41%. Thus you need a type of avenue, where you earn at least 14.41% as rate of interest, to double your amount in 5 years.

INFLATION:

This 'Rule 72' helps you to understand about inflation also. It helps you to calculate the amount of time it will take for inflation to make the real value of money half. 

Eg:Let's say present inflation is 5.5%. When you divide 72 by 5.5% the answer is 13.09 years.  That is to say, if you have 1 lakh in your kitty today, it would take around 13.09 years for the value of the money to be halved..

Hope it helps you in your day to day investments and activities.