A Checklist for Investors
Jun 28, 2016 Home Trading Steps
I often find a lot of people who are planning on buying a house in a state of tension and confusion. The reason behind this is the complex nature of buying or finalising a house wherein people tend to find scams and frauds. There are legal laws pertaining in our society but isn’t it better to take precaution before a person is hurt.
Hence we bring to you a checklist which a buyer should keep in his mind before finalising a deal –
# Document check before the deal
a person should always ask and check from his developer for a number of documents that he needs to submit to the Municipal body in order to get clearance.
Hence we bring to you a checklist which a buyer should keep in his mind before finalising a deal –
# Document check before the deal
a person should always ask and check from his developer for a number of documents that he needs to submit to the Municipal body in order to get clearance.
The documents are as follows-
- a deed which shows the title of the land and its real owner. There have been a lot of cases where people take money from innocent people and later it is found out that the land never belonged to that person. Hence a buyer should check this in the beginning before proceeding.
- Then one should ask for soil survey report in order to check if the soil is fit for construction of the house or not.
- check for the project report, it is a major report which consists of the total plan of the project including everything, number of floor, number of building that will be constructed, area of open space, the size of the units, other amenities that will be given and so on.
- And finally check for a ‘clearance certificate’ that will be given to the builder by the municipal body in order to commence the project.
# Site check
the brokers tend to always exaggerate and tell you about a concerned property which after you purchased, might not turn out as your broker described it to.
Hence it is highly advisable to go and have an inspection of the site yourself.
Go for a check of the brokers as well as builders background also. Check for the neighboring areas, accessibility to market and transportation etc.
# Agreement check
often most people after seeing those thousands of pages in agreement, don’t tend to read it. But is highly and significantly advisable to go through the agreement once because there can be a number of jargons which a normal person can’t understand.
Hence it is important to carefully go through the agreement to see that it is in the favour of the buyer.
# Final document check while finalising
the brokers tend to always exaggerate and tell you about a concerned property which after you purchased, might not turn out as your broker described it to.
Hence it is highly advisable to go and have an inspection of the site yourself.
Go for a check of the brokers as well as builders background also. Check for the neighboring areas, accessibility to market and transportation etc.
# Agreement check
often most people after seeing those thousands of pages in agreement, don’t tend to read it. But is highly and significantly advisable to go through the agreement once because there can be a number of jargons which a normal person can’t understand.
Hence it is important to carefully go through the agreement to see that it is in the favour of the buyer.
# Final document check while finalising
- after all the above mentioned steps, just one more check a buyers need to do before sealing the deal is checking for the below mentioned documents-
- ask for a completion documents which is provided to the developer on the completion of the project
- ask for a water as well as sewage connection certificates.
- Also check for an electricity connection certificate.
Once a buyer has checked the above mentioned points, he or she is good to go!
Looking for property portal?
Related Articles
-
-
An Easy Guide to Understanding Occupancy Certificate
Jun 14, 2018 -
-
See comments (0)
Write a comment
