08/09/2015
Common Sense Basic Things To Check About Property
1) 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.
2) 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.
3) Check both Original documents and also previous sale docs (if any) before giving token money for the deal.
4) Check if that property can get Loan from banks, if not why ?
5) 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.
6) Check if the space area for Carpet, built up OR super built up.
7) 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.
8) Check if all previous dues has been paid like (electric bill, yearly municipal charges for property, society charges) etc.
9) Ask your advocate to calculate required Stamp Duty and Registration Fees with advocate fees and be ready.
10) Property clearance note and no Objection certificate (NOC) from society is must before you register any property.
11) Do not try saving Stamp Duty charges as during litigation in most cases you cannot fight legally with it.
12) Its always a good idea to meet the society secretary of the property (flat) you purchasing. This will help you know some legal society pendings, share certificate related, maintenance related and NOC related to the seller.
13) 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.
14) 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.
15) 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.
16) 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.
17) Don’t rush for a property deal, Neither wait too long. If you find a deal interesting yet in low cost, find the valid reasons behind same. Common reasons are family dispute, urgent need of money for which the owner of flat sells at low cost, Or some litigation’s ?.
18) If you find the deal proper and have checked every aspects, Next is to do all money transactions in written on 100 or 500 rupees government stamp papers. Add a photo of seller, with signature and left thumb print across photo with all terms conditions with DATE written.
19) Hey how about a short video of your conversation ? Seems going far off ha ? Yet this can be real handy proof in case of any problems in money transactions of that property. Signature can be invalid, But a photo with left thumb impression or a video cannot be faked.
