Thursday, February 2, 2012

Simple steps to buy your Property

If you think home buying is a tedious process here is some tips for you, Since your hard earned money is at stake:

1. It is always advisable that before buying you study the market for the market trends about prevalent rates of property in the vicinity and last known transactions.

such as Locality: Proximity to transport hubs, schools, hospitals, market, central business district, entertainment centres, hotels, restaurants, pollution levels, safety records of the neighbourhood.
2. Brokerage Fee if you are relying on buyer

3. Check Total area of the property i.e. Carpet + Built Up Area + Super Built Up Area. whether Adequate car parking space is there or allotted to th Vendor.

4. Construction should be of a high quality. Society is formed or not

5. Ask 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.

6. check out the survey number, village and registration district of the property as these details are required for registration of the sale.

7. check out all dues utility bills are fully paid, and nothing is pending.

8. Check with Society whether member can sell the flat or not

9. Check is / or were there any 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.

10. Clearances from the following authorities is good to have: Muncipality, Electricity, Water, Pollution, Lift Authorities, Fire,

11. Check whether Occupancy Certificate is issued or not and if no then why its pending.

12. Check what are Society Transfer Charges

13. take complete 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

14. Time and Mode of Total Consideration payable : Token money is normally paid while confirming the booking the property, do take receipt for same and also putup such terms of sale so orally agreed between u atleast in manual way and get it signed from vendor .

15. Take NOC for Sale from Society (if formed)
prepare a Sale Deed or Agreement from Good Advocate and get the same register

attach the said NOC with said agreement to be registered

16. After 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

From TEAM Daniel & Boaz
Helpline:- 9840802218
email:- chennaipropertylawyers@yahoo.co.in

1 comment:

  1. Buying a home is one of the biggest decisions that you will ever make. It is important to take this decision seriously..thanks for sharing your these points..did get good amount of information from here..i think you if anyone is looking to buy new home..then you should Find a property you like and can afford..this is the most important thing.
    Newbuy

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