“A home feels like home, when its something our own, not just four walls that surround us.”
There are a lot of us here in Bangalore that still prefer the old school values of looking for an independent plot rather than look for flats in Bangalore. There is a huge market demand for resale properties that open up in the market today.
some of them are sold like hot cakes, while others are lapped up soon. But the resale properties are to be dealt with some caution as they may be breeding grounds for complications.
here are a few things that one needs to consider to go ahead while purchasing these properties:
1) Location, Location & Location:
You would have heard this a million times before, but we will tell you again, the first thing to know is the location of the property. Please check if there are upcoming projects of development coming up in the area that can affect you both positively and negatively.
For example: Metro work starting in the area is sure to up the land rates in the long run but in the short-term mean that traffic is going to be wrecked. There are other considerations to check also, with regards to the location that is very important that deciTde whether the property rates are on up-draft or low-draft.
2) Reasons for sale:
This is a rather unwritten rule too. This is something that carries a lot of weight-age too, as the sales of property can be because of internal reasons such as property disputes, debts and other issues that come to bite one badly later. But if this is not the case, there are other due diligence to be made on your end.
3) Due Diligence is a must
Whether it is a flat, an independent plot or a resale property, one needs to always cross check if all the documents are in order.
The first on the list is the Title deed, that indicates that the said property indeed belongs to the person that is selling it or someone who has been granted the power of attorney to make the sale.
The next check is on the completion and possession certificates that are given in case there is a apartment building that is up for resale. These checks are vital and it is best that you hire a good property lawyer and get the paper verification done. This can be done by you or by experts online as well in case one needs to get the verification done faster.
The list goes on to the next document on the agenda, in terms of the Encumbrance certificate, Khata certificate and the payments of the property taxes. Once all of these are clear . one can proceed to the next stage.
4) Inspection of property:
The property may be legally correct but it is another best practice to actually visit the resale property, look at its vibes and then make a decision. This is needed more in case one decided to keep the same structure as the one previously available or tears it down to build new ones. Another thing to consider is if the house is actually built according to the sanctioned plan from the local authorities or have their been encroachements or extensions that are illegally constructed.
Also one needs to check if the house is in need of repairs, any breakages or leakages that are bound to happen.
Once the property is upto your interests, one has to check if a loan already exists on the present plot or property and decide the actions that you are taking to make it work in your favour, whether you pay off the loan as a part of the buying process or some other arrangement needs to be thought off. Also one has to check if the banks can provide a loan for you to buy the property and provide them with documents that support your claim of buying a particular plot.
6) Sale agreement :
The sale agreement that captures all information regarding how the sale shall happen. If there are installments in which one shall pay the amount, the date on which the entire amount shall stand cleared, the date of transfer of documents to the buyer, every tiny detail of relevance has to go into this agreement.
These steps in general are a few things that one must check for when looking at a resale property that has opened up on the market.