Checklist of property documents for buying resale property

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.

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