How to Buy an Old Residential: Tips and Things to be Known?
A charming yellow house with wooden windows and green grassy garden

How to Buy an Old Residential: Tips and Things to be Known?

More often than not, people like to buy old apartments and houses rather than new ones, especially at a location, where there are quite a lot of land options to settle in. Such homes accompany challenges that each homebuyer must remember.
The property could also pose an honest value for money, but there are some legal and technical verifications of the property which cannot be ignored before signing off the paperwork.
So, during this write up, we are mentioning all the small print for your ease.
What Are The Documents Required For Resale Flat Purchase?

Once you finalise a property, check the builder’s paperwork starting from commencement certificate for work, environmental clearance and approved building plans (If it is a range in a complex). If the property is individual, check the registration work, check all the owners it’s passed from.
Among other documents, here are the few most vital ones:

1) Deed
Check whether the builder or the owner features a right over the property (registration of land and building/home). While buying a land, see the deed of the land to verify if the builder/owner has the entire right to sell or lease the space. Hire a lawyer to verify all the documents and history of the paperwork.

2) Release Certificate
While buying a property in resale, remember that it’s going to are pledged to urge a loan . Therein case, you’ll need to get a release certificate from the bank or the allocated authority, which can prove that the loan on the land has been repaid.

3) Encumbrance Certificate
The encumbrance certificate is issued by the Govt of India to verify that the land is free from all legal dues. Either ask your lawyer or visit a police headquarters to verify the dues.

4) Verify Land Use
Remember, all kinds of land aren’t for development. So verify the land-use zone as per the neighbourhood development plan. You’ll get the plan from the local body office (Municipality) in your respective city.

5) Land Tax Receipts
If you’re getting to buy a property in resale, invite previous tax receipts from the vendor alongside other bills. A house is familiar with generate certain bills (power bills, water bills, maintenance, parking, etc.); checking all the receipts will assure you that there are not any added costs to your dream home.

Apart from the standard paperwork, there are certain things which you ought to also check before decide to grab a resale property.

Leave a Reply

Close Menu