It is not always easy to get a dream home. Many people wait a lifetime to save to buy a dream property or many others forgo the idea thinking of immediate family needs. There is a need for good planning and smart investment decisions when it comes to buying a home. But not all homes come as a new property.
Though there are different types of your dream home, a dream home may also come in the form of a resale property with no rent on it. Instead of waiting to get the possession of your dream home, you can be ready to shift-in. Also, compared to under-construction properties, there are lesser taxes on resale properties.
Here are 10 pointers to help you make a good deal when it comes to buying a property and ensure that you opt for a resale property with a sound legal mind.
- Ensure that all the documents in original are provided by the seller. There should be no confusion and misunderstanding at this stage.
- Society Share Certificate and original sale deed are to be procured if you as a homebuyer are going for an apartment in a housing complex.
- Re-registration of the property and property transfer has to be completed by the buyer in case of a resale property.
- The sub-registrar’s office needs a letter from the society stating the number of elevators in the housing complex, built-up area of the apartment, the year of construction, number of floors in the building etc. The Office also needs a copy of the Sale Deed.
- In case the property has had multiple owners, the buyer should ensure that he/she gets the full information of ownership and declares himself/herself as the new owner. The registrar would help to clear the picture.
- It is always essential to check if there are dues that haven’t been paid by the previous owner to avoid any future feuds.
- Property card’s copy, receipt for registration fee’s payment and an assessment bill from the local civic body to the society have to be provided.
- Upon the foreclosure of the home loan, the property documents can be given to the new owner by the previous owner by way of an undertaking to the bank in case of a mortgaged property. The bank will release the property documents and an NOC as soon as the amount is realised by the bank.
- Another significant challenge faced by a buyer of a resale property may include no record of documentation as the property may have had multiple owners without registration. Property over three decades may not find any registration which may cause further trouble.
- Any registration at the present date will put the burden of arrears of stamp duty on the new owner. However, that should not deter one from registering the property as it would help you safeguard your investment and not throw you up for any legal troubles at a future date.