Thinking of buying a new property? Things that you need to know before you make the decision to buy

Thinking of buying a new property? Things that you need to know before you make the decision to buy

Thinking to buy a home? Here is a general list of documents and other aspects to be verified or obtained before we invest in a property.

General aspects

1) Location

2) Finance

3) Tax benefits

4) psychological benefits of being a property owner

5) Investment avenue

6) Facilities in the area and any drawbacks like sounds of aircraft landing and taking off,bad traffic, slaughter houses,noisy factory,public gathering area, marriage halls,etc

Documents to be verified:

- Land papers

Free hold or leasehold land. if lease hold when is the lease expiring?

Development agreement=Registered with appropriate Registrar and not merely a notary

Title search by promoters advocate

NA tax proof

- NOC from Municipality

Water

Fire

Sewage

If near some governmental organization like defence etc.

NOC for the height restriction,distance from perimeter wall

If project funded by bank authority/NOC from bank to sell the particular flat to a buyer under bank letter head and if any special terms like making out cheque in which account name/escrow account etc

- Certificate from lift inspector

- Sale agreement/agreement to sale

-  Wordings and clauses in the legally binding agreement Facilities,amenities,area,payment schedule,delivery dates(MFO Act has model agreements)

- Registration in registration office on time

- Municipal certificates:

- Commencement certificate

- Completion certificate

- Sanctioned blue prints of building( Don't buy if deviations in construction are there from sanction)Some builders take the chance of building additional floors in hope of getting subsequent regularization.

in addition probably we should check the layout of the land on which building is coming up.Position of nullahs,drainages nearby if any- Does the building encroach on nullahs- then we will suffer from flooding and seepages on the walls etc.

- Vaastu compliance for those who believe in it.

- Is the land on a slope? Water flow and danger of land slippages can be mentally assessed before decision

Whether any independent third party is certifying quality of construction as per seismic zones etc

- Any noticeable structural cracks or defects in building.

- Quality of fittings-is the modular kitchen/doors etc having anti termite treatment?

slope of flooring in terraces,kitchen slabs-otherwise water will accumulate and result in seepage

Signs of seepage/fungus on walls,staircases. sometimes even new buildings have such defects which skips our eyes unless we carefully look for it

- Are Home Loans for the project sanctioned by leading banks?

Amount,adequacy,EMI is it affordable?

- Terms and conditions of loan

- Prepayment penalty and processing charges

- Insurance for loan in case the main person suffers tragedy like death

- House/flats with loans means the bank is the actual owner till you clear the loan.

- Buying a flat whether for investment or stay is a major decision. Care,caution,check of builders papers with your own advocate,consulting the earlier purchasers in same building or other projects of same builder,googling the reputation of builder, reference to development plan of the area etc

- Any other point for consideration may kindly be included by experts on this informative forum to make our investment safe and profitable. after all we look to have happy home which is a major landmark in every persons life.

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