FAQ's

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Frequently Asked Question's

Shree Jee Properties is a Real Estate website that helps you buy, sell or rent your property. It is India’s No. 1 Property Portal where Owners, Brokers and Builders can advertise their properties online for sale, rent, lease or PG, and connect directly with buyers and tenants.
Buyers can search for Residential and Commercial properties, shortlist and directly contact Owners, Brokers or Builders for free. Further, to help your property sell or rent faster, we offer customized advertisement packages which include Top Slot Visibility/Digital Marketing/Banners/Property or Project Microsite, etc.
We also offer the latest real estate news and updates such as Insite Reports, Expert Articles, Price Trends etc. to help you make informed buying and selling property decisions.

Shree Jee Properties has around 10 lakh+ property listings spanning across 600+ cities in India. Further, we also have International properties listed on our portal.
Shree Jee Properties is a real estate online platform where anyone can post properties and avail services across all cities in India. To know more about our services please call us at 9896636001 (09:00 AM to 07:00 PM, Monday to Saturday) or write to us at mukul34561@gmail.com .

Shree Jee Properties has more than 10 lacs properties listed online, which includes Residential or Commercial properties such as:
1)Residential Property Types: Residential Apartment, Independent/Builder Floor, Independent House/Villa, Residential Land,Studio Apartment,Farmhouse, Service Apartment. 2)Commercial Property Types: Commercial Shop, Commercial Showroom, Commercial Office Space, Space in a Retail Mall, Office in an IT Park, Office in a Business Park, Business Center, Time Share, Commercial/Inst. Land, Agricultural/Farm Land, Industrial Lands/Plots, Warehouse, Cold Storage, Factory, Manufacturing Unit, Hotel/Resorts, and Guest House/Banquet Halls.
These properties can be searched and filtered basis: Locality / Project, Budget, Availability (Ready-to-move / Under-construction), Verified Properties, Owner Properties, Furnished / Semi Furnished, Photos, Area / BHK, Amenities, Property Type (Residential / Commercial), Purchase Type (Resale / New Booking),

Various factors impact the price of your property such as location, type of property, available amenities, area, builder etc. You can enter your preference and locality details here to calculate the right market value of your property or feel free to contact us on 9896636001 for more information.
First Step

The first step a purchase should consider is to get pre-approval from a lender. Before starting your house hunt, it is wise to make an appointment at your bank or at a mortgage broker’s office to discover your mortgage pre-approval amount. This amount will be determined by looking at your monthly income, debts and credit history.

Once you find a home that fits your budget and is located in a neighborhood you love, an offer is prepared by your realtor and presented to the Seller.

As part of the Attorney Review process, the Buyer is given an opportunity to inspect the condition of the property for any defects, including structural, underground storage tanks, radon and insects. The Buyer is given a period of time to hire a licensed professional to render a report so that the Buyer is made aware of the condition of the property prior to the closing of title.

Yes, it is. Social housing is sold under the provisions of law. However, the lessee or the purchaser of social housing may not resell the social housing for at least 5 years after full payment of the rent and purchase price of the house. Within less than 5 years of paying off the purchase, lease-purchase of social housing, if the purchasers or hire-purchasers wish to resell the social housing, they may only resell it to the State or investors or resell to subjects entitled to buy, rent-purchase social houses as prescribed in the law, with the maximum selling price equal to the selling price of social houses of the same type at the same place and time of sale and do not have to pay PIT.
Transactions

Typically, the Seller’s attorney will hold any deposit until the closing of title in their trust account. In some circumstances, the title company or escrow agent may hold the deposit.

If your attorney negotiated a mortgage contingency agreement that provides that if you are unable to secure the funds needed to close on the property by way of a mortgage commitment, then you have an opportunity to cancel the contract and have your down payment returned.

The deposit or down payment can be returned based upon the terms of the contract so long as the cancellation is made timely and in accordance with the contract or any riders amending the original contract of sale.

Even if a deal falls through, this is no reason for buyers to lose heart since the seller will be responsible to refund the money they might have taken from you as the token money as along as he is responsible for the deal getting cancelled. For this reason, the terms and conditions about refund must be clearly stated in the initial agreement to sell so that no confusion remains on the subject of refund, if a deal were to fall through.
Dashboard Overview

If the buyer backs out from the deal, the seller has the right to forfeit the token money paid. With respect to such forfeited token money, the buyer cannot claim any income tax benefit, as this is treated as a capital loss under the tax laws. However, the advance money/earnest money that is forfeited becomes an income of the seller in the year in which the deal is called off. Such forfeited earnest money is taxed under the head ‘income from other sources’ and not under the head ‘capital gains’, even though the income is received with respect to a capital asset. Before the amendment of the law in 2014, the amount of forfeited earnest money was required to be deducted from the cost of acquisition of the asset with respect to which it was received, in the year in which the asset, which is the subject matter of the deal, was sold.

Generally, for all property transactions, the buyer has to pay certain amount as stamp duty. This is either a fixed amount or a percentage of the property’s market value. You also have to pay registration charges, for registration of the agreement. The stamp duty rates and registration charges payable, are determined by the respective state governments. So, the rules for refund of stamp duty that is paid for property transactions, would vary from state to state. You are required to pay the stamp duty before the execution of the document.

Depending on the terms of the contract and any Rider amending terms thereto the Buyer or Seller or Both parties may be able to cancel the contract if the parties are not able to negotiate an amicable solution. Whereby either certain repairs are made by the Seller prior to closing or that a credit is negotiated in consideration of the repairs sought by the Buyer.

The Seller has the option to provide a credit or state that they are not willing to make any repair and allow the Buyer to proceed “As-Is” or attempt to cancel the contract pursuant to its terms.
Documentation

The procedure for transferring Real Estate:
  • Preparing the required documents.
  • Notarizing the Real Estate transfer agreement.
  • Submitting the documents to the local Land Registration Office or the People’s Committee at commune-level where the land is located.
  • Paying personal income tax (“PIT”) and registration fee.
  • Obtaining the renewal LURC.
Estimate execution time: 10 -15 working days from the date when the authority received a valid dossier.

The required documents are as follow:
  • Application for registration of land changes.
  • Real Estate transfer agreement.
  • LURC.
  • PIT declaration.
  • Documents for proving PIT exemption (if any).
  • Registration fee declaration.
  • Documents for proving registration fee exemption (if any).

Required documents when declaring registration fee include:
  • Registration fee declaration form.
  • Documents for proving registration fee exemption (if any).
  • Real Estate transfer agreement.

The following main documents are required when declaring PIT:
  • PIT declaration form.
  • Real Estate transfer agreement.
  • Identity card or passport.
  • LURC.
  • Documents for proving PIT exemption (if any).
Related To Transferring

The answer is yes. The bank-mortgaged Real Estate at the bank can be transferred to others, however, the transferor must obtain the consent of the mortgage bank before transferring.

Transferring mortgaged Real Estate will have the following risks:
  • If the transfer is made without the bank’s consent or the debt has not been fully paid to the bank, this agreement is deemed null and void for being contrary to the provisions of law and affecting the interests of the third party’s obligation – the bank.
  • The seller conspires with the bank’s employees to deceive the buyer and appropriate the deposited amount.

Among others, the seller and the buyer need to prepare the following main documents:
  1. Seller:
    • Land use rights, house ownership, and assets attached to land Certificate (“LURC”).
    • Identity card or passport.
    • Household registration book.
    • Real Estate transfer agreement.
    • Marital status certificate (marriage registration/ single status certificate).
    • Authorization agreement (if the seller authorizes the third party).
  2. Buyer:
    • Identity card or passport.
    • Household registration book.
    • Marital status certificate.

The following methods can be used to check the Real Estate’s legal status:
  • Checking on the LURC: It is necessary to check the contents relating to the land area, land use purpose, term of using, land origin, etc.
  • Checking on the notice, receipt of registration tax payment, drawing of the current house.
  • Submitting a request form to the District-level Land Registration Office for land data to check whether the land is under planning, mortgage, dispute, or expropriation, etc.

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