Checklist for A Resale Property
Nov 22, 2016 Real Estate News
A resale house means a property that is being sold by someone who has been living in it for a while. Buying such a house has its own advantages, as it would be already ready to move in. Moreover, you won’t have to spend money on rent while waiting for the possession of your dream home.
However, there are certain points that you must keep in mind while finalising on a resale property which includes:
However, there are certain points that you must keep in mind while finalising on a resale property which includes:
- All the documents that are needed at the time of primary sale of the house are also required at the time of its secondary sale. Remember that the seller must produce all the documents in original.
- The seller of the resale property must handover to you the original sale deed as well as the society share certificate of the apartment that you are buying in a particular housing complex. These documents are very important, as property transfer is impossible without them.
- Also keep in mind that even if you are buying a resale property you must be very careful at the time of property transfer and its re-registration.
- Along with the sale deed, you will require a letter from the society where you are buying an apartment. The letter should provide information like the number of floors in the building, the year of construction, the built up area of the apartment, number of elevators and so on.
- Investigate whether the seller is the actual owner of the house. Being the buyer you must have a record that is clearly mentioning the ownership history in case the property has changed several hands. You should also get these documents authenticated by the registrar.
- Take an assurance from the owner of the property that there is no loan or dues pending against the property because you may be held liable for these after the handover of the property.
- Do not forget to collect an assessment bill from the local civic body because this has to be produced along with a copy of the property card and a payment receipt of the registration fee at your society office.
- If your chosen property is mortgaged, then the owner has to give an undertaking to the bank that he would be giving the property documents to the buyer upon the foreclosure of the home loan. But the original property document will be released only after you have transferred the money to the seller’s account. No objection certificate will also be given to you by the bank.
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