You might be
running out of patience while planning to purchase property. Sometimes getting
the property possession may take 3 to 4 years. To avoid such delay, many opt
for buying resale property. But, since you would be buying an already used
estate, you would have to go through proper checklist of property documents for
buying resale property.
Important
Checklist of property documents for Buying Resale Property
Check
whether the property is included in the government registry or not. Make sure
that all the documents related to the registration of the property are
available. You may also take help of legal experts to verify the authenticity
of the papers.
Finding the
debt status is an important part of checklist of property documents for buying
resale property. If the property is under mortgage, then check its debt status
and whether it has approvals from authorities or not. Also, ensure that the
property tax, water charges, society tax and electricity bills are paid by the
previous owner.
Since the
property you are buying has already been 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.
The cash
component is another important checklist
of property documents for buying resale property. In India, the sellers
force buyers to make the payment mainly in cash. You are recommended to avoid
huge sum of cash payments. The seller insists for cash payment in order to
evade tax on the gains of property sell. On the other hand, if your cash
component of the payment increases, you might not receive home loans on the
full price you are actually paying.
You are
recommended to make sure that the building is built according to the plans and
layouts approved by authority. The seller should provide you with certificates
of completion, occupancy and NOC or No Objection Certificate.
In case the
age of your property exceeds more than 10 years, you are recommended to check
the quality and the durability of the building. Good quality building
structures are necessary for safe living and would also save you from spending
large sums of money on repair and maintenance.
You might be
running out of patience while planning to purchase property. Sometimes getting
the property possession may take 3 to 4 years. To avoid such delay, many opt to
checklist of property documents for buying resale property. But, since you
would be buying an already used estate, you would have to go through proper
checklist for buying resale property.
{Source: http://ezinearticles.com/?Checklist-For-Buying-Resale-Property&id=4350522}
