Identifying a suitable property is the first step taken towards the purchase of a property. After completing the same, documentation is the next and very important aspect.
The agreement to sell is governed by the provisions of the Indian Contract Act 1872 and the Transfer of Property Act 1882.
Mode of stamp duty
Previously, documents were prepared on the stamp paper issued by the Government Department. After the Telgi Scam, usage of the stamp papers is prohibited in Karnataka. Now, a white paper or Rs 2 document sheet which is issued by the department of Registration is preferred. Regarding stamp duty, it has to be made either by way of Pay order / Demand Draft or Bankers Cheque in favour of the concerned Sub-Registrar. The Registration charges either by way of DD or cash, is to be submitted to the concerned Sub-Registrar. The details of the stamp duty and registration charges will be entered by the Sub-Registrar on the reverse side of the sale deed.
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