Beware! Know the Check list before buying a flat

Acquiring you dream home will take time for you. But, don’t worry; everything can be done with ease by proper planning and get a check list before buying a flat. The below check list will help you to avoid all tedious processes and take you in the right path to find a perfect home.

Here are some most important points of check list before buying a flat

 Land titles/ construction permissions/ Approvals from authorities:

If that land belongs to you and wanted to give for development then, ownership of land in favor of the builder conveyance of property in favor of the society Urban Land Ceiling and Regulation Act clearance certificate. Always check with the Commencement Certificate issued by municipal authorities permitting the developer to begin construction and building approval plans. Also check with the Environmental clearance and Occupation Certificate issued by authorities certifying that the building is complete and fit for occupation.

Here is the list of documents you should check:

• Title Deed: See the Title deed of the land and confirm whether the developer has the right over the property. A mere NOC (no-objection-certificate) from any Panchayat or the local body does not constitute approval by the authority. Title clearance certificate from the advocate certifying that the property intended for purchase is unencumbered and has a clear marketable title is recommended.
• Release Certificate: If you buy a property in resale, check whether all the previous loans have been cleared on that property if applied. In that case, you need to make sure of the release certificate which proves the loan of the property has been repaid.
• Encumbrance Certificate: This certificate is also important to verify that the land is free from all legal dues.
• Approvals/Verification: Make sure that the entire layout has also been approved by the development corporation and the local body of the city. Also, verify the land use zone as per the city master plan for your plot.
• Property Tax Receipts: This is very important if you are buying a property in resale. Ask for previous property tax receipts. These ways for the check list before buying a flat and also any plot can ensure there are no pending bills.

Agreement

You need to check the serial number of the flat to be clearly indicated in the agreement. Carpet area or built up area and purchase consideration of property is clearly stated. Floor plan of the specified property should be annexed with the agreement.

All the specifications such as floorings, doors, windows, sanitary, water supply, electrical fitting and etc must be clearly specified. Make sure the agreement is duly stamped and signed and lays done a payment schedule.

Stamp duty and registration

Stamp duty is payable as per true market value as per rates prescribed by the Stamp Office. The agreement is to be registered with the sub-registrar under the provisions of the Indian Registration Act with a period of four months from the date of its execution. Through registration of sale deed, a person is able to acquire the rights of a property from the date of the execution of the deed.

Know more about stamp duty and registration charges

Society clearance and membership

No objection from society for transfer and sale of flat; Payment of necessary transfer charges to the society; Obtain the share certificate from society duly transferred in the name of the buyer. This is mostly applicable if you are buying a property in any gated community or a property included in any society.

Understand the importance of Location

You have to identify or shortlist a location within the city. Make sure of the travelling distance to the office, school, colleges, hospitals and etc. Is it close to the parks, Cinemas, shopping malls etc? How far is it from Railway station, International Airport and main bus stations? Is the surrounding area safe? Are various services available within a short distance? What future does this location hold? Get clear answers to all the above questions which and also important in check list before buying a flat!

Period of Requirement

When would you probably want to posses your home? It might be immediately of after a certain period of time. If your requirement is not immediate you can go for an under construction property and book it in an advance. This also gives a perfect time frame to arrange funds and offers flexibility in payments as raising home loans on new constructions is made easier. Rates often fluctuate in real estate markets and hence it is always advisable to consult any professional real estate service provider before buying.

Condition of Property

You need to know whether the flat, building or premises are old or new. Age of the building, quality of constructions such as Materials used, RCC and etc. Check the condition of wiring, roof, walls and expenditure to bring it in good shape if you are buying any property in resale.

Right Payment Plan

There may be various payment options available for you such as down payment plan, flexi payment plan, construction linked plan and possession linked plan. Different types of plans offer you various comfort zones as per your budget. The most recommended payment would be through a home loan. There are many best home loans available for you.

Builder credibility

It is recommended that you do an extensive verification of the builder. Check with the completed projects, ongoing projects, company back ground and etc. It is also necessary to establish the trustworthiness of the builder, especially in terms of track record for transparent dealings and compliance with legal formalities.

We hope this check list before buying a flat is helpful to you. We wish you to go ahead and buy a Premium luxury flat in any gated community and live a serene and peaceful life.