Important checklist to consider when buying a property
There is an old English proverb, "Precaution is better than cure", which would be most appropriate when buying an immovable property. Although there are several laws in place that protect a purchaser of property, self-help is the best help and one must do due diligence before buying property.
Below are some important checklists that every person who is planning to buy a home can consider before buying:
- 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.
- 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.
- Check both Original documents and also previous sale docs (if any) before giving token money for the deal.
- Check if that property can get Loan from banks, if not why ?
- 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.
- Check if the space area is for Carpet, built up OR super built up.
- 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.
- Check if all previous dues has been paid like (electric bill, yearly municipal charges for property, society charges) etc.
- 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.
- 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.
- 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.
- 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.
- Properties with commercial operations in ground floor and above is very common. Builders cash on commercial shops in much better ways compare to residential above. Few things to keep note when you are dealing on buildings with residential homes above and commercial operations in ground, basement and sometimes first and second floors. Confirm if the entrance is NOT common to avoid nuisance, Check on parking space if it is separate, what about the Air-Condition outdoor units, are they blowing that hot air inside residential premise ? Also check on where is huge power backup units located if any.
- If people already staying, Just go in and talk to them, ask for issues related to plumbing, colour work, quality of things and construction material used inside home. If allowed, don’t hesitate to walk into someone’s home because the on site manager will just take you around and show you the sample flat which is always the best made. Going further one can cross check the as shown things like powder coating windows, window curtains, kitchen trolley, door wood etc of sample flat with the one that someone already got possession and staying.
We can understand that finding a property is a daunting and time consuming task. In today's fast paced life we often do not get enough time to carry out the necessary research needed when searching for a property and this can lead to dissatisfaction.
Nobody who is spending their hard earned money wants to get cheated or not get what he/she is looking out in a property. Therefore carrying out a proper research and understanding all that is available and checking out all the necessary legal documentation is very important.
Zoogyo understands the buyers problem and therefore it is offering a service. You can check out the service - PSS Service. This will help your to make buying decision easily and with full confidence.