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India

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Property Buying Information

Buying a property in India can prove frustrating, and a number of local laws can get in the way of a seemingly normal transaction – Before even starting a short list of property for sale in India hiring a trusted local lawyer to help with proceedings will make things a lot easier and help avoid any legal pitfalls that may be encountered. First of all, a company has to be set up with a branch in India – the lawyer can help and advise with these proceedings, and some real estate agents help with the process.

Once a property has been decided on from your short list of properties for sale in India, the buying process is pretty straightforward. A price is agreed on and pre-contract agreement signed, with a deposit of around 20 percent paid. Legal checks are carried out by the lawyer, pertaining to things such as legal ownership of land, any concerns that the Reserve Bank of India may have and potential outstanding taxes on the property. Once these checks have been finalised, the property purchase can be completed – the contract is signed and the remaining fees are paid in full, along with applicable taxes.

Lawyer, estate agent and notary fees vary, and taxes prove to be quite high, with stamp duty alone coming to around 12 percent of the total cost of the property.

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