Some tips which should be considered before buying a flat.
Important Things to Remember Before Buying a Flat
Investing on a property or a new house or flat is one of the most crucial decisions of your life. It’s a long term idea , you have been nurturing since a very young age. Buying a house or land or flat might also involve taking a good amount of loan, followed by monthly installments / EMI’s flowing out of your income, you need to be more careful. Location, possession date and price, there are some more parameters that need to be looked in to, while purchasing a new flat check the following cases:
- Verification of Title
- Verification of Seller’s Identity
- Documents Related to Land
- Approvals of Construction
- Occupancy Certificate of property
- Payment of Taxes
- Location of the Flat
- Government permitted land
- Property taxes
- The ownership of the flat
- Flat price
- Stamp duty
- Appropriate walls and spaces
- Apartment Possession
- Flat’s sharing Carpet Area
- Financing Banks
- Builder-Buyer Agreement
- Hidden and Additional Charges
Verification of Title
It is first step, the buyer must first confirm the validity of the property title. It must be free of any mortgages or previous unpaid dues.Scrutinize all documents for the last 15 years, up to 30 years for any legal discrepancies.
Verification of Seller’s Identity
verifying the flat’s title documents, verifying the identity of the seller(s). scrutinizing valid legal documents like a PAN Card, Aadhar Card, etc. In case of the seller being an organization, check for legal documents related to the company’s registration, TAN number, etc.
Documents Related to Land
Type of land – know the land usage type , is it useful for residential, commercial, industrial, non-agricultural, mixed use and look for land conversion documents.
Approvals of Construction
Already constructed building, verifying the building or layout plan is a must. It should be sanctioned by the municipal authorities to provide electricity, Drains, water, environmental clearances, fire safety, etc..
Occupancy Certificate of Property
Seller must obtain an Occupancy Certificate (OC) before transferring the property titles. if it not available then OC could create severe problems for the buyer penalties to demolition of the property.
Payment of Taxes
verify with the municipal authorities that the seller has paid the tax payments or not.
Location of the Flat:
First before buying or investing on a property look around the area where you are going to be residing in. The amenities, physical infrastructure and reach to all the basic places are to be analyzed.. our flat should be in a safe and secure place,
The first step is to fix a budget.. Compare the price of the property with the surrounding one’s. Portal listings, brokers of the area or newspaper listings are such sources.
Flat’s sharing Carpet Area:
If a floor is shared between two owners, the price of the common spaces are shared between the two. including steps stairs, parking place in cellular etc.
Land type and Record:
The land on which your flat is built is very crucial. You must know about the soil quality The plot should clear of all dues and be registered.Before buying a house, flat or villa the title deed must be verified and checked in detail. The deed gives all details of ownership and obligations towards the property.
As a buyer, you should have a clear estimate of the timeline for possession. Normally, a developer ask for a six-month grace period.
You should be aware of national banks that are willing or not willing to finance certain developers or builders. It is very important that we check with the banks that they are ready to fund the project you are planning to invest on.
When you select a flat or house of your choice, first you can book the same by giving a token amount, in return of which you get an allotment letter including that flat number. Then, a tripartite agreement is entered between the buyer, the bank and the builder for the remaining of the amount.
This agreement should read carefully and understood in detail before signing it. All the clauses must be clearly understood and if any doubts, should raise at this point itself.
These factors will help you have a peaceful living in the flat.
Hidden and Additional Charges:
first study all the documents and Ensure that all the clauses are read in detail and penalty clauses to be understood.
the flat’s possession within the grace period. Additional expenses such as GST, stamp duty, fee registration charges ,home loan processing and all other charges should kept in mind.
Type of Land and previous Records:
The land on which your house is built is very crucial. You must know about the soil quality The land should clear of all dues and be a registered. Before buying a house, flat or villa the title deed must be verified and checked in detail. The deed gives all details of ownership and obligations towards the property.Don’t forget to take no-objection certificates (NOCs) from the water, electricity and land ceiling authorities.