A residential property is bought to serve the purpose of living a life in comfort and peace. For accomplishing that purpose you need to follow certain rules before buying a property. In this article we are discussing some steps you need to ponder upon before you step in to your new home, which is a resale property.
All the documents that are applicable for a primary residential property sale would be required for a clear resale flat transaction as well; the seller should anyhow be able to produce all the original documents. There are certain documents that are of upmost importance. Incase these documents are not available you will not be able to proceed the transaction. These documents are Original sales deed and society share certificate.
Apart from it proper transfer and re-registration is also very essential. The documents which are necessary for registration of residential flats include a letter from society that reflects details such as the number of floors in the building; the apartment’s built up area, number of lifts and the construction year. In addition a buyer should ask for a clear ownership history if the residential property has changed hands before. Assessment bill to the society is a also required from the municipality, NOC from the collector if the building is existing on collector’s land, property card copy.
It is not necessary that resale property is cheaper. In the larger cities, new residential property supply is scarce or does not exist in many locations. No discounts are available in these areas. Discounts are in the areas where market is more competitive. There is a higher possibility of flexibility in payment terms.
There are few points that you have to ponder upon. Certain challenges are there that a buyer of resale flat may face. Where the property has been sold many times chances are there that you may face improper documentation. If the property is very old, then it may be so that it is not even registered. Earlier laws were different and in present scenario it is quite different. Registering it by the buyer at the time of purchasing may require warming up of few pockets. Additional expenses related activities may be there where you may have to repair in terms of plumbing, electrical wiring and some fittings. Before taking home loan for a very old property may also be very challenging. One thing a buyer should keep in mind that an old property might not include the amenities and facilities that a new property will definitely have.
All the documents that are applicable for a primary residential property sale would be required for a clear resale flat transaction as well; the seller should anyhow be able to produce all the original documents. There are certain documents that are of upmost importance. Incase these documents are not available you will not be able to proceed the transaction. These documents are Original sales deed and society share certificate.
Apart from it proper transfer and re-registration is also very essential. The documents which are necessary for registration of residential flats include a letter from society that reflects details such as the number of floors in the building; the apartment’s built up area, number of lifts and the construction year. In addition a buyer should ask for a clear ownership history if the residential property has changed hands before. Assessment bill to the society is a also required from the municipality, NOC from the collector if the building is existing on collector’s land, property card copy.
It is not necessary that resale property is cheaper. In the larger cities, new residential property supply is scarce or does not exist in many locations. No discounts are available in these areas. Discounts are in the areas where market is more competitive. There is a higher possibility of flexibility in payment terms.
There are few points that you have to ponder upon. Certain challenges are there that a buyer of resale flat may face. Where the property has been sold many times chances are there that you may face improper documentation. If the property is very old, then it may be so that it is not even registered. Earlier laws were different and in present scenario it is quite different. Registering it by the buyer at the time of purchasing may require warming up of few pockets. Additional expenses related activities may be there where you may have to repair in terms of plumbing, electrical wiring and some fittings. Before taking home loan for a very old property may also be very challenging. One thing a buyer should keep in mind that an old property might not include the amenities and facilities that a new property will definitely have.
Author Bio:-The name Sushil Ansal does not need any introduction in the field of Real estate.Sushil Ansal is an iconic figure of his field and has changed the face of Real Estate in India.The Chairman of Ansal Properties & Infrastructure LTD (Ansal API) is the driving force in establishing the brand Ansal API.Mr.Sushil Ansal has had an illustrious career spanning over 50 years.
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