By Anjali Thakkar on Nov 26, 2020 6:45:00 PM
More often than not, people prefer to buy old apartments and houses instead of new ones, especially at a location, where there are quite a lot of real estate options to choose from. Such homes come with challenges that every homebuyer needs to be aware of.
The property may be in a good condition and pose a good value for money, but there are some legal and technical verifications of the property which can't be ignored before signing off the paperwork.
So, in this writeup, we are mentioning all the details for your ease. Go through all the points and shift in your dream home with no worries at the corner.
What Are The Documents Required For Resale Flat Purchase?
Once you finalise a property, check the builder's paperwork ranging from commencement certificate for work, environmental clearance and approved building plans (If it's a home in a complex). If the property is individual, check the registration work, check all the owners it has passed from.
Among other documents, here are the few most important ones:
1) Title Deed
Check whether the builder or the owner has a right over the property (registration of land and building/home). While buying a land, see the title deed of the land to confirm if the builder/owner has the complete right to sell or lease the space. Hire a lawyer to verify all the documents and history of the paperwork.
2) Release Certificate
While buying a property in resale, remember that it may have been pledged to get a bank loan. In that case, you will have to get a release certificate from the bank or the allocated authority, which will prove that the loan on the land has been repaid.
3) Encumbrance Certificate
The encumbrance certificate is issued by the government of India to verify that the land is free from all legal dues. Either check with your lawyer or visit a police station to verify the dues.
4) Verify Land Use
Remember, all types of land are not for housing development. So verify the land-use zone as per the neighbourhood development plan. You can get the plan from the local body office (Municipality) in your respective city.
5) Property Tax Receipts
If you are planning to buy a property in resale, ask for previous tax receipts from the seller along with other bills. A home is accustomed to generate certain bills (power bills, water bills, maintenance, parking, etc.); Checking all the receipts will assure you that there are no added costs to your dream home.
Apart from the usual paperwork, there are certain things which you should also check before plan to grab a resale property.
Related Post: What is The Legal Process For Buying a Flat in India?
What To Check When Buying a Resale Flat?
- Look for structural damages in the property that has to be repaired at later stages; This includes flooring, ceiling, water pipes, wiring, cracks, damps, moisture, clogged drains, seepage etc.
- If you are planning to run heavy watt appliances, also check or just ask about the age of wiring.
- Painting, waterproofing and structural repair cost should be factored in before buying an old property.
- Sometimes, ventilation and lighting can be a challenge if you are buying on lower floors or if there are high rise apartments around the building or home. So, opt for top floors or 3rd or 4th floor for better view and ventilation. Here the chances of dampness and leakage are minimum.
If you ask us- is it worth buying an old flat? We will say, yes and no. On the one hand, where an old property comes with certain advantages; it also occupies the associated problem the last owner faced. So the decision lies on you and what works best for you. The best way is to collect all the information then form a decision.
If You Are Opting For a Bank Loan, Here's a List of Documents You Will Need For Processing:
- Ensure there are no dues on the property from water, electricity, property tax department. Check for all the pending tax bills from the revenue department and get a signed document for assurance.
- Obtain NOC from the bank. Rs. 2 lac is the permissible cash limit. Other transactions need to be via the banking system only (Cheques, net banking, etc.).
- Banks provide home loans for old properties, subject to technical and legal verification. Banks usually are not willing to lend more than the amount mentioned in the sale deed. Hence, the buyer has to arrange for registration and stamp duty from a personal fund.
What to look out for when buying a resale flat? Is a question many ask but the answer varies for almost everyone. The answer solely lies on the varies needs and preferences of the individual, so if you are someone who is having trouble to find the right answer. Just go and visit both types of properties. Make a proper list of pros and cons to decide rationally.
Furthermore, get the lay of the land – drop by morning noon and night. Drive by the house at different hours of the day and night to see what's happening in the neighbourhood. Find out how far it is to the nearest medical store, emergency services, grocery store and other services. Does municipality collect garbage, is there any water blockage in the area, are there any pubs around for sound increment- Are the basic questions which need to be answered before finalising a property.
In case you are searching for a new home in Pune, Kohinoor Group has some amazing options to woo you. Situated in some of the best neighbourhoods like Hinjewadi, the competitors envy Tathawade, Wakad, Kohinoor homes for its value for money offering. Meet the branded residences and get the 'Sada Sukhi Raho' promise at the Kohinoor homes.
Visit www.kohinoorpune.com for more information about residential and commercial real estate in Pune.