Checklist for Resale Property Buying Purchase: Finance Trading Times

Checklist for Resale Property Buying Purchase

Continuing further from our previous article, Disadvantages Of Buying Resale Property: Resale Property Purchase Checklist, in this part we present the

Checklist for Resale Property Buying Purchase

. Here is the Checklist: Property Resale

1) Dont be in a hurry to book an apartment just because you see that in a good locality. As mentioned in the Disadvantages Of Buying Resale Property article, there can be a lot of problems due to which the current owner might be selling the property

2) Try to find out the real reason for the current owner to sell the property. Remember, good things vanish soon and they are usually sold to relatives and known persons. So if you are completely unknown to the buyer, be very careful before making any committment. There might be legal or other problems with the resale property, but the owner might quote it as saying "Relocating to other city or other area", "Am in urgent need of money" and so on. Dont fall for those and do your home work

3) If you are going through a Real-estate agent, make sure you know him. Remember movies like "Khosla ka Ghosla" :)

4) Insist on checking the paper-work even before giving the token booking amount. Atleast take a copy of all the legal documents. Also, you can use RTI application to get the history details of the property from municiple corporations and check if there is any dispute on that. However, RTI applications take minimum 30 days to get an answer

5) Make sure to meet the society members of the property. Ask them about the charges for maintenance, sinking funds, etc. Also try to get info from them about any problems with the property. Ask them if there are any outstanding dues for that property

6) Ask the seller to first get a NOC or No Objection certificate from the society or the builder. Without that, the resale transaction is usually not complete. Be clear with the seller on who pays the charges for the NOC as it might cost big money

7) Check for any utility bills pending at the time of deal - like phone, electricity, etc.

8) Be very clear on parking space. It should be clearly marked on land as well as in the documents

9) Most important - the cost. Insist on the breakup of cost taken by the seller. That should include Parking space charges, lawyer fees, registration fee, society charges, stamp duty, etc. etc.

10) Check for basis fittings like electrical wiring and plumbing.
ALthough the above list gives you a detailed list, there may be many more things to check. It is also advisable to take services of a reliable lawyer for the sale before signing any Real Estate Resale Deals
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