Guidelines to purchase
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below are some of the things that have to be kept in
mind while purchasing a residential property:
Locality: Proximity to transport hubs, schools,
hospitals, market, central business district,
entertainment centers, hotels, restaurants,
pollution levels, safety records of the
area of the property i.e. Carpet + Built Up Area +
Super Built Up Area.
Adequate car parking space.
Construction should be of a high quality.
Reputation of the builder or seller. Check around
with local sources to find out more of the builders
Adequate water, electricity and other utilities
should be an important factor.
good idea of the costs of various components like
price, stamp duty, registration charges, transfer
fees, monthly outgoings, society charges & costs of
the potential resale value or the potential rental
income of the property.
out any other advantages and disadvantages of the
property to help make a better decision.
Q: Is inspection of the
property a necessity before buying it?
Yes. One of the largest investments done by a person is
with respect to the purchase of a residential property
either for personal use or as an investment. Hence it is
very important that the property is inspected
thoroughly. This could save you costly maintenance bills
at a later stage.
Some of the areas to be looked into with more closely
Plumbing systems, drainage, water faucets and
Electrical systems, circuit breakers, wires,
capacity of the electric meter, functioning of light
walls, ceilings, floors, paint work.
Foundation, basement and visible structures.
and windows, latches, locks.
Structural stability of the building.
there a checklist to be followed while buying
residential or commercial property?
hard earned money is at stake, it is advisable the
following checklist is followed:
advisable that the potential buyer studies the
market for the market trends about prevalent rates
of property in the vicinity and last known
for photocopies of all deeds of title related to the
property to be purchased. A legal opinion through a
good standing advocate is advisable. The legal
counsel will examine the deeds to establish the
ownership of the property by seller, preferably
through an advocate. Ascertain the survey number,
village and registration district of the property as
these details are required for registration of the
sale. Previous encumbrances and loans, if any on the
property must be cleared before completion of
purchase of the property. The title of the Vendor to
the property must be clear and marketable.
the major issues with a number of properties is the
deviation of the built plan from that of the
approved plan. Check for approved layout plan and
approved building plan with number of floors and
square footage approved against what is built in the
Clearances from the following authorities is good to
have: Muncipality, Electricity, Water, Pollution,
Lift Authorities, Fire, and ensure the property has
been issued Occupancy Certificates.
the building bye-laws in that area to verify any
infringements with respect to setback, side setback,
height, square footage etc.
a good idea of the total purchase price, confirm
transfer fees, stamp duty and registration charges
to be paid on purchase of the property as well as
other outgoings to be paid for the property i.e.
property tax, water and electricity charges, society
charges, maintenance charges
payment of the entire sale price, take over legal
possession of the property along with documents of
title in original from the Vendor of the property
name of the holder of the property to the purchaser
in the records of the society, Electricity Company,
municipal corporation, Index II etc.
is a Sale Deed?
The sale deed assists gives the buyer the absolute and
undisputed ownership of the property in question. The
Sale Deed is also known as conveyance deed. By executing
this document the seller transfers his right to the
purchaser, who, in turn, acquires an absolute ownership
of the property. This document is executed subsequent to
the execution of the sale agreement and after compliance
of various terms and conditions detailed in the sale
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