What is meant by valuation of property?
The price that a property can command in the open market is known as its market value. Stamp duty is based on the market value or the agreement value of the property, whichever is greater. What does the term Leasehold Property’ mean? When a piece of property is given or leased’ to an individual (known as the Lessee’) for a stipulated period of time, by the owner of the property (known as the Lessor’), the property is referred to as Leasehold Property. A certain amount is fixed by the Lessor to be paid as lease premium and annual lease. The land ownership rights remain with the Lessor. Transfer of property requires prior permission. What constitutes conclusion of sale of a property? When ownership rights for a piece of property are given to the purchaser for a price, that property is referred to as Freehold Property. Unlike in the case of leasehold property, no annual lease charges need to be paid and the freehold property can be registered and / or transferred in part(s). Are there any
