to Know before Purchasing a property
Article page |
Health page |
Fruits and Vegetables
House Plans |
House Loans |
| Interior Design |
Property Buying Tips |
Renting Tips |
Before you buy a flat
Points to be considered before buying a
Check whether the details of approved
plan have been displayed at the site.
Check whether the flat has been
constructed as per the approved plan.
Check whether the promoter/power of
attorney has a right to transfer the undivided shares of land.
Verify whether the entire undivided
shares of land have been transferred by the land owner/promoter/power of
attorney to you.
Check whether the completion certificate
issued by the CMDA ( or local Municipality ) has been obtained after the
completion of the building
“Below are few of the important things, one
should know before planning to purchase a new property. A handy and simple
property purchase checklist one should consider before taking decisions on
buying going for a real estate deal in Mumbai..”(
some points are common to other locations )
- 1) Check for rate of property currently going on in
that location by asking few people/agents etc so that you will not land up
putting up more money in the deal.
- 2) Check if the home you purchasing has well
maintained society registered properly so that most of the legal matters are
taken care and you are at lower risk of being cheated.
- 3) Check both Original documents and also previous
sale docs (if any) before giving token money for the deal.
- 4) Check if that property can get Loan from banks,
if not why ?
- 5) If property is very old (Example: 10 to 12 years)
you can benefit and save money during paying stamp duty payment to be given.
So pull out assessment letter for Municipal Corporation for same.
- 6) Check if the space area for Carpet, built up OR
super built up.
- 7) Check if it CIDCO approved, or alternately if
property is old then proper CC, Plan Copy and saat bara utara (7-12 utara)
documents there with seller.
- 8) Check if all previous dues has been paid like
(electric bill, yearly municipal charges for property, society charges) etc.
- 9) Ask your advocate to calculate required Stamp
Duty and Registration Fees with advocate fees and be ready.
10) Property clearance note and no Objection certificate (NOC) from society
is must before you register any property.
- 11) Do not try saving Stamp Duty charges as during
litigation in most cases you cannot fight legally with it.
- 12) Its always a good idea to meet the society
secretary of the property (flat) you purchasing. This will help you know
some legal society pendings, share certificate related, maintenance related
and NOC related to the seller.
- 13) Check the important documents before you give
the token amount for purchasing that property, some of the documents are
Society NOC, Name of electricity bill and Property tax receipt ( Known as
‘Gharpatti’ in Hindi), Name of the maintenance receipt, All the previous
sequence of purchase/sell of that property agreement, Full plan copy (floor
plan) of that building and the wing you planning the purchase, Check if the
legal government stamps are seen clearly on same.
- 14) Most important : Spend on the 100 rupees stamp
paper and get the signature, left thumb print with photo attached on the
seller before giving the token amount and make the terms very clear on
registration date and what if for some reasons the deals gets cancelled.
- 15) Check if the property was already mortgaged
before and if the things are already cleared and settled with the final note
of settlement. One best way is to check for all the sequence of original
documents of the flat you purchasing.
- 16) If you are the first time buyer of say this is
your first property to be purchased, keep some extra cash handy as you might
need it to miscellaneous expenses like post registration, society charges to
be paid extra to builder and some renovations etc.
Things to ask
to Builder before buying property
- Ask if builder has Title clear papers for property
on which flats are built. Easy way is to ask for IOD (Intimation Of
Disapproval) and CC (Commencement Certificate) which makes it clear that the
property you are purchasing is built on undisputed land and is BMC approved.
- Ask if he is ready to give Completion Certificate
which is required during registration and stamp duty process and also during
resale in some cases. This Certificate if and important proof of BMC
clearance on building permissions.
- Ask if any well known banks are tied up with
builder, If banks and financial institutes like HDFC, ICICI BANK, GIC etc
are already tied up with builder it is a good sign of saving yourself from
non well known and fraud builders.
- Always take the first step by asking for sample flat
and building plan, This will give you the look and feel of flat and the
amenities and quality of tiles and other items used in kitchen and bathroom
etc. Also ask and see the floor plan that gives the idea about surrounding
- Ask for, if any additional charges above the charges
they show to you like any legal fees, parking fees etc which sometimes is
not said in first meetings.
- Ask when is the project getting completed and which
month is the handover of property ? How will they Charge till then because
this will attract PRE-EMI (A kind of interest charged for part payment of
the loan borrowed from bank) this is an extra charge and not same as EMI.
Get dates in written and terms if builder not able to give on time.
- Ask the builder about the Carpet area and Total
super built up area and what will be written in Agreement. Also check the
height and directions of the flat.
- Ask what all utilities and facilities are in built
provided upon sale like Fans, Furniture in kitchen, Home UPS/Inverter etc.
House plans, home plans, plans, residential plans
House Loans, home loans, where to get housing loan
How do loans work, the basic concepts of loans
Construction Tips, construction guide lines,
house rental tips, rental tips, renting properties
What is Reverse Mortgage
Guidelines to purchase residential properties
Lotus-shaped 91 feet prayer hall in kerala
What is Interior Design, interior desings, resources
Interior Design Colleges
Interior Design- Bed Rooms
Interior Design- Bath Rooms
Kitchen Designs, kitchens
Modern Architectural Design Softwares
Landscaping Designs landscape architectures