We all desire to own a home, sometimes buying a new flat is stressful accomplishment, and so people like to go in for resale flats as they are already constructed. Many buyers go in for resale apartments; such property could be fully constructed or could be more than halfway constructed. When it comes to documentation, all documents that are required for a new property are required for a resale property as well.
Resale flats are not always cheaper, but you need to keep your wits around when buying a resale flat. The buyer has to keep a tab on many things and then go in for the final round. It is prudent to first understand the various safety measures and procedure to buy a resale flat/property to avoid future hassles.
CONSULT EXPERTS– It is best to engage a good, reliable estate agent to help you find your desirable property in a good area. The agent will also guide you through the entire process. They will charge a fee but help you with your registration, stamp duty and your paper work. If possible take the help of a lawyer to look after the legalities.
TITLE OF THE PROPERTY- The first step is to establish the title of the seller, whether he is the real owner or has the power of attorney, to transact the deal. All documents as regards the title should be clear. Check out that all the original documents given by the builder or the developer are in order.
DOCUMENTS- Buying property on resale is great, but see that all original documents regarding the purchase and subsequent transfer are stamped, or it could cause problems later especially when you apply for a loan. Subsequently it may prove to be unacceptable if you wish to transact further.
EXISTING LOAN- It is also necessary to confirm that the property papers are not lying mortgaged with the bank of the seller. The bank will consider giving you a loan only if the previous loan is cleared and papers released.
MAINTENANCE AND OTHER CHARGES- Some flats have high maintenance charges, a lot of services are included in these charges, but you should check whether all these facilities are available. Also check if you have to pay a certain amount towards sinking fund for heavy repairs; set the amount wisely as it is not recoverable.
CAR PARKING- Some societies may not have car parking or may have limited parking so it is better to make sure about it. Your seller may not own a car so he may not have a parking allotted to him so find out if you can get a parking space.
HOME INSPECTION- This is a must in a resale property, so you know if there have been any cosmetic treatments meted out. It will not harm you to be a little cautious and vigilant when buying your home after all it’s your hard earned money we are talking about.
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