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Owning a house or a flat is a dream of many. When this dream is about to become 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 whereas highly expensive. In the case of apartments or flats, it comes in all budgets. Tailored made flats are also delivered. Builders take charge of dealing with all technical and legal issues of the property.
When buying a resale flat the buyer need to shoulder all the responsibilities taking support from the financer – a bank or a finance company. He has to visit the property and then decide whether it satisfies all your needs. Don’t rely on advertisements and phone calls. Start with details like built-up area, common area, UDS and cost per square foot. 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 original parent document and information about previous vendors if any. Make sure the property is freehold or on a mortgage. Know the procedure to release the document if it is on a mortgage. Contact the bank directly. Get the technical and legal clearance of the property before getting involved in cash dealings. Finalize the rate and then prepare the sale deed. Be clear about TDS, stamp duty, and the EMI to be paid. Prepare a 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. Your dream is about to turn into a reality.
Image via Pixabay
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