Here's a list of all the important documents one should look at; and the checklist the you need before buying any property
Here's a list of all the important documents one should look at; and the checklist the you need before buying any propertyIf you want to purchase a property, you have to look at the approved layout plan, THE approved building plan, ownership documents, carryout search, etc. Contact an advocate before you purchase a property so that he can advise you.u00a0
When buying commercial or residential property you would need to check for the following information:>>Before you start on documents, you need to understand market trends; identify the exact property you want to buy and formulate the commercial terms.
>>Market Trends is all about prevalent rates of property in the vicinity and last known transactions, so you do not pay too much for your home.
>>Identify the property you wish to purchase, from all aspects ufffdfunding, requirements in present day as also the future.
>>Formulate commercial terms, put everything in writing as far as possible.
>>Distinguish between terms and conditions of the contract which are negotiable and those which are fixed ufffd eg price, payment schedule, time of completion etc.
>>Avail of services of a helping hand like My Homes. List your requirements with us.
>>Ask for photocopies of the all deeds of title related to the property to be purchased.
>>Examine the deeds to establish the ownership of the property by seller, preferably through an advocate.
>>Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale.
>>Previous encumbrances and loans, if any, on the property must be cleared before completion of purchase of the property.
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>>The Title of the Vendor to the property must be clear and marketable.
>>Finalise commercial terms of purchase of the property. Ascertain transfer fees, stamp duty and registration charges to be paid on purchase of the property.
>>Ascertain outgoings to be paid for the property ie., property tax, water and electricity charges, society charges, maintenance charges.
>>Request Vendor to obtain, if applicable, consent, permission, sanction, no objection certificate of various authorities such as the (a) society (b) the income tax authority (c) Municipal Corporation (d) the competent authority under the Urban Land Ceiling and Regulation Act (e) any other authority.
>>If you require a loan for the home, ask for a pre-approval letter from the lending institution.
>>Permanent Account Number of Vendor and Purchaser is necessary under Income Tax laws
>>Payment of stamp duty on the formal agreement or document for transfer of the property, signing by both the Vendor and Purchaser and registration.
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>>After payment of the entire sale price, take over legal possession of the property along with documents of title in original from the Vendor of the property.
>>Change name of the holder of the property to the purchaser in the records of the society, electric supply company, municipal corporation, Index II etc.
Identify the property you wish to purchase, from all aspects - funding, requirements in present day as also the future
