Resale Property

If you plan to buy resale apartment or flat there are few important points to look into before you go ahead with the sale deed. Make sure before buying a property, discuss with experts and real estate agents or property consultants in the neighborhood. You should not make your decision hurry by believing the seller or agents. Buy the property only if you feel that it suits you best. Visit as many as property as you can and select the best one from them. Once you decide the locality and the property you plan to buy check for the following points:
Age of the construction of the building:
If the apartment you plan to buy note if the building is older than 10 years. If the building is older than 10 years, you need to check and inspect the durability and quality of building.
If the apartment is in use for years, you may further need to invest money to repair all the wear and tear of the structure. So, plan a budget according to the money you would have to spend in renovation.
Debt free property:
Once you decide on the property you intend to buy check the debt status of the property. Check whether property is under mortgage and if it under mortgage what is status of debt, whether property or building has approval from authorities, taxes and other bills are duly paid etc. Ask for a release certificate from the bank to ensure that the seller has paid back all the amounts due on property. Also, make sure that the property tax, society tax, water charges and electricity bills are paid by the previous owner.
Registration of Property:
Make sure that all the documents related to the registration of the property are available. Get a legal experts opinion to verify the registration of property and authenticity of the papers. Check whether property is included in government registry. Also be very clear on parking space. It should be clearly marked on land as well as in the documents.
Property free from Disputes:
Check if the property for resale may have some court cases or legal hassles going on in families. Ensure property is free from disputes and you are buying property from real owner or the person who has right to sell the property.
Payment Mode:
Decide the payment mode, sometimes the seller of property may want the portion of selling price in cash and remaining in cash or cheque. In such case you may not get home loan on the full price you are paying.
No Objection Certificate (NOC):
While buying a resale property, make sure that building is constructed according to plans and layout approved by authorities and seller has certificates such as completion, occupancy and NOC (No Objection Certificate) from respective authorities.