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Tips
for Buying a House
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Essential
tips for buying a house
In a city like
Calcutta,Delihi, Mumbai there are
thousands of buildings being constructed and flats being bought and sold
everyday. It is essential for a buyer to be careful because there are
number of people who have been cheated by the property dealers.
We give below a handy guide for your
benefit.
Some of the basic points to be
remembered when buying a house:
The following are the necessary
provisions for buying a house from a Second Owner:
Legal:
-
Title deeds of the vendor of the
property.
-
Previous title deeds covering a
period of 13 years.
-
Encumbrance certificate for the
past 13 years.
-
Upto-date tax paid
receipts.
-
Valuation of the property from a
registered valuer.
-
Sanctioned plan.
-
Check if the flat/apartment is
free from tenancy.
-
Register the property.
-
Become the member of the society
in the next AGM so to entitle rights of Society Members.
-
Make sure that you receive the
share certificates of ownership after the AGM. (This is an important
document for your Loan Processing)
Approvals:
-
From City Corporation, Area
Development Authorities, Electricity Boards, Water Supply & Sewerage
Boards.
Amenities:
Purchase of a new flat or
apartment:
Legal:
-
Check for proper Development
Agreements and the authority for conveyance of title in favour of
builder/promoter.
-
Check if occupancy certificate has
been issued by the municipality authority with the approved of Building
Plan.
-
Obtain a clear and marketable
title of the project.
-
Ensure execution of proper sale
agreements on your initial payments.
-
See the sanctioned
plan.
-
Check carpet area of the apartment
and find out if the difference between plinth area and carpet area is
reasonable.
-
Ask for completion
Certificate.
-
Ensure whether reputed financial
companies approve the project. This will help you to get financial
loans.
Approvals:
-
Has your builder/promoter acquired
the approvals from Municipal Corporation, Area Development Authorities,
Electricity Boards, Water Supply & Sewerage Boards, Airport Area
Authorities? Ask for adequate proof of this, by way of authorized
documentation.
Amenities:
The following are the common
provisions, which can be referred under Purchase of property through
Second owner or new property:
-
Check for proper approach
roads.
-
Ensure secured electricity
connections.
-
Are water connections present and
functional?
-
Pollution due to industries etc in
the area.
-
Check for developmental activities
of the area.
-
Public transport facilities in the
area.
-
Check for educational
institutions, hospitals, shopping avenues nearby, green belts &
rainwater drainage.
-
Check for natural lighting,
ventilation, water connection & sanitary connection.
-
Check for anti – social or
criminal activities.
-
Check for garbage dumping and
cleanliness of the locality.
-
In cities like
Calcutta, Mumbai, it is also
suggested to check the area after a heavy rainfall to identify problems
like water logging, leakages etc
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