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Frequently Asked Questions
Buying and Selling Home
For the most part, a real estate agent's help is not legally required, though agents can help you with
tasks that border on legal ones, such as preparing a home purchase contract. In some states, however,
only a lawyer is allowed to prepare the home purchase documents, perform a title search, and close the
deal.
tasks that border on legal ones, such as preparing a home purchase contract. In some states, however,
only a lawyer is allowed to prepare the home purchase documents, perform a title search, and close the
deal.
If the house is held for less than three years prior to its sale, it is termed as a short-term capital asset and
any gain arising from the sale is treated as a short-term Capital Gain. There are no tax exemptions for
short-term Capital Gains and one needs to pay it according to the applicable tax slab. However, if the
property is sold after holding it for more than three years, it is treated as a long-term capital asset and the
gain arising from it is called the long-term Capital Gain. Such gains attract a flat exemption rate of 20%.
any gain arising from the sale is treated as a short-term Capital Gain. There are no tax exemptions for
short-term Capital Gains and one needs to pay it according to the applicable tax slab. However, if the
property is sold after holding it for more than three years, it is treated as a long-term capital asset and the
gain arising from it is called the long-term Capital Gain. Such gains attract a flat exemption rate of 20%.
The first course of action should always be to issue a letter in writing to the builder stating your
grievance. Ensure that all assurances by the builder of giving you possession on such and such date are
given to you in writing on the letterhead and under the seal of the builder. If it appears that the builder will
not be giving you possession in an acceptable time period then you may approach CREDIA for mediation.
grievance. Ensure that all assurances by the builder of giving you possession on such and such date are
given to you in writing on the letterhead and under the seal of the builder. If it appears that the builder will
not be giving you possession in an acceptable time period then you may approach CREDIA for mediation.
RERA, or the Real Estate (Regulation and Development) Act, 2016, has come as a big relief for home
buyers. But many home buyers believe every project is covered by RERA and thus safe. That's not true.
RERA covers projects with 500 square meter or more area or eight or more units. For a project to be
RERA compliant, the builder needs to register it with the authority. So before taking the plunge, you need
to ensure that the project is registered with your state’s regulator. RERA makes it mandator
buyers. But many home buyers believe every project is covered by RERA and thus safe. That's not true.
RERA covers projects with 500 square meter or more area or eight or more units. For a project to be
RERA compliant, the builder needs to register it with the authority. So before taking the plunge, you need
to ensure that the project is registered with your state’s regulator. RERA makes it mandator
After you have negotiated the sale, the terms of your contract will be clear. A contract is an agreement
between two parties stating who does what and who gets what. It can contain anything legal that both
parties agree to.
between two parties stating who does what and who gets what. It can contain anything legal that both
parties agree to.