Legal Issues to Take Care While Buying a Resale Property
Nov 22, 2016 Legal Guidance
There are many advantages of buying a resale property. Firstly, you will not have to pay any money on rent. Secondly, you will not have to count your days to get the possession of your house as it would already be ready to move in. Lastly, you can save a lot of money on taxes that you would have to pay if you had bought an under construction house.
But there are certain points that you must bear in mind before you finalise the deal of a resale house.
They are as follows:
But there are certain points that you must bear in mind before you finalise the deal of a resale house.
They are as follows:
- Keep in mind that all the documents that are needed for the sale of the property are also needed for its resale. The seller must be able to procure all the legal documents related to the property. Also, check whether these documents are original or not.
- See to it that you have the original sale deed and society share certificate, if you are buying a flat in the housing complex.
- You must be very careful at the time of property transfer and re-registration of the resale property.
- Collect a letter from the society where you are planning to buy a resale apartment. This letter should contain data like the number of floors in the building, the year of its construction, built-in area of the apartment and the number of elevators. Because along with the sale deed this paper would be required at the sub registrar's office.
- Verify whether the seller is the actual owner of the property. Although the registrar will establish the authenticity of all the documents, yet you should investigate and seek a clear knowledge of the ownership history of the house, especially if it has changed multiple hands.
- Also, cross checks whether the owner of the property has any dues or loans related to the house you are planning to buy because after the handover you would be liable for any such dues.
- Do not forget to collect the assessment bill from the civic body. You need to submit this along with a copy of the property card and the receipt of the registration fee that has to be paid by you to the society where you have bought the apartment.
- If the property that you are considering to buy is mortgaged, then the seller will have to give an undertaking to the bank saying that he has agreed to give the property to you upon the foreclosure of the home loan. Remember, only after you have transferred the money, the bank will release the original property documents along with the No-Objection Certificate.
There are some challenges that the buyer of a resale property may face. Most often there is a disarrangement or misplacement of documents by the owner, especially in cases where the property has changed several hands in the past. Also keep in mind that the properties that were built thirty years back were never formally registered. And in order to register such a property, you will have to shed a huge amount of money.
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