Owning a house or a flat is a dream of many. When dream
is becoming a reality we need to be more attentive and focused so as not to
make any mistake and repent later.
Buying an individual house is less complicated where
as highly expensive. In case of apartments or flats it comes in all budgets.
Tailored made flats are also delivered. Builders takes charge of dealing with
all technical and legal issues of the property. When buying a resale flat the buyers
need to shoulder all the responsibilities taking support from the financier- it
can be a bank or a finance company.
· Visit the property and then decide whether
it satisfies all your needs. Don’t rely on the advertisements and phone calls.
· Start with details like built-up area, common
area, UDS and cost per square feet. Compare it with the market rate of the
locality.
· Age of the property, original plan to find
out any deviations, approval of the plan, builders profile all need to be
clearly studied.
· Ask for parent document, information about
previous vendors if any. Make sure the
property is freehold or on mortgage.
· Know the procedure to release the document
if it is on mortgage. Contact the bank directly.
· Get the technical and legal clearance of
the property before involving in the cash dealings.
· Finalize the rate and then prepare the sale
deed. Be clear about TDS, stamp duty, and the EMI to be paid.
· Prepare sale agreement with the help of an
advocate
· Make all the payments through cheques.
· Be aware of the floating interest rates,
pre EMI, processing fee and other charges levied by the bank or the finance
company before the sanction of the loan.
· Spell check the documents before
registration and start planning for house warming ceremony
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