Points To Note Before Buying A Resale Flat

Discussion in 'General Discussions' started by Anusowmyan, Mar 15, 2019.

  1. Anusowmyan

    Anusowmyan Gold IL'ite

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    Owing 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
    kaniths likes this.

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