purchasing flat
ananthalaxmi
(Querist) 18 December 2009
This query is : Resolved
before purchasing the flat what precaution we have to take. what documents we should check before purchasing the flat.
n.k.sarin
(Expert) 18 December 2009
Before purchasing flat you must check the document of title through your lawyer and right to sell and permission from local authority.
Raj Kumar Makkad
(Expert) 18 December 2009
Not only the documents described by sarin, you should also physically check the flat and confirm about the possession of the seller therein. The documents should be applied in toto with the location of the property. It is seen sometime that the property is shown at some other place whereas documents belong to place situated at some other place. Title of the seller beyond any reasonable doubt should be established and also if there is any case/litigation thereon is pending or not or any previous agreement to sale has been made or not etc. etc.
A V Vishal
(Expert) 18 December 2009
Checklist for Buying a Property
Clear Title
Do not buy a property if the title of property is not clear. If title is not clear or marketable it will cause problem in future and financial institutes refuse to finance on such properties. You can either seek assistance of your lawyer or approach financial institutes to know whether the title of the property is clear. Your property title confers the owner of the property.
Documents
Ensure that seller of property has all documents relating to property. If possible ask for copies of original documents and get them verified by your legal advisor or lawyer.
Expense for buying
Consider cost for property and other expense incurred for owing the property. Cost of property is not rate of property but also includes other costs. Some of the important costs incurred for buying a property are fee for lawyer, Registration and notary cost, realtor’s commission etc.
Title insurance
This insurance is important for buying a property and protects buyer against any losses. This is an advantage for buyer when buying a property and helps to avoid from buying a property with defect in title.
Approved layout
Get copy of approved layout for the building from your builder or seller of property. Ensure that building plan and construction is approved by the authorities and property is listed in government register.
Ensure property is free from debt and liabilities
Ensure you are buying a property which is free from debts and all taxes are paid in time. If seller of property has taken any loan or advance on the property, ensure they are paid off and ask them for documents or copies to show that property is debt free.
Intimation of disapproval (IOD)
IOD is set of instruction given by respective authorities for builders to construct the building. Normally it is valid for a period of one year and if the building is not constructed within one year’s time, IOD has to be reissued.
When buying a property ensure that there is no claim on the property by authorities or government and check whether land is designated for the residential purpose. Before buying the property ensure you have good neighbors and check the reason for selling the property. Make good market research and seek expert’s service for making your decision.
aman kumar
(Expert) 24 December 2009
WHAT LEFT TO SAY AFTER A V VISHAL ?/ AGREEED
