Quick Checklist For Buying A Resale Property

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Quick Checklist For Buying A Resale Property
Apr 2018
COLDUieLL
BANKER
INDIA
Quick Checklist For Buying A Resale Property
In Green Homes
A property buying isn't an easy take certainly to
accomplish. Hence, people do think as well as
review the property value, location, and various
other factors while buying a house. Also, if you
are an aspiring property buyer and are looking to
purchase then here are some of the things that
you must know before sealing any deal.
Series of sale deed
This deed is basically the legal documentation of
the transfer of property. As per the sales deed,
the property is transfer to the immediate home
buyer from present to the owners of the property.
But, the present seller must have sales deed
which compromises on the name of a former
property owner who had to sell the property to
the present owner. Also, this can be called as
the prime party, second party and you then will
be called as the third party. The documentation
dated is said to be the sales deed
series. Agreement to sell The buyer, as well as
the seller, must sign Agreement to sell which is
known as ATS as well. This legal pact basically
consists of the terms and conditions of the
selling and buying of property between 2 parties.
This agreement also is compulsory to avail the
home loan from banks. As financial institution
verify property as well as the agreement to
assess market value of the property for approving
the home loan. NOC from Society If you are buying
any resale property in society then do check for
No-Objection Certificate from Society. The
society should certainly issue a NOC which says
that they don't have any problem with fact that
the property owner living on the premises is
selling the property to you. This is an integral
document to obtain before completing the
procedure of home buying. Occupancy
certificate You should ask for the occupancy
certificate before you take the charge of the new
house. This certificate is important to prove the
legal status of the property. Municipal
Corporation has the right to trounce the
property, especially in the case if you fail to
produce the occupancy certificate for the same.
The authority also has the right to cut down the
water, electricity and other important connection
in absence of the certificate. Encumbrance
certificate Clearly, this certificate clears out
that the property has no dues. It is important
for the bank to know and understand whether the
property you are purchasing have any dues left or
not. Any of the unclear dues on the property will
certainly result in the decline of the home loan
applications. Do remember that purchasing a home
is the actual realization of the dream you have
and it certainly takes a lot of things to
actually fulfill it. Thus, don't make buying
property decision in any hurry and check all the
important documents before buying.
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