This plan will reflect the blueprint of the flat, its layout, utilities, and other equipment. Hence, you should verify whether the flat is built following a building plan approved by the local municipal authority or not. Building Approval Certificate - An illegal construction can give you trouble later.This certificate assures that the bank has received all the dues from the seller and there are no more dues related to the flat and you can buy it without any worry. In order to ensure that all the pending dues have been paid back to the bank, ask the seller to get a No Dues Certificate from the concerned bank. If there is any loan on the flat check its debt status. NOC from Bank - It is vital to check if the flat is mortgaged against a loan.Once done you will be provided with a written analysis of the flat in the form of the Title Report containing its description and other information related to its tax rate, title holder’s name, joint encumbrances along with details of property tax, liens, and mortgages associated with it. Title Report - You should ideally conduct a Title Search at the Registrar’s office in order to retrieve the chain of documents that reflect the history of the flat.Here is the list of the documents that you need to check before purchasing a resale flat: You should also acquire and verify all other agreements and papers pertaining to the buying and selling of the flat till date. You need to have the entire chain of documents and agreements related to the property. List of Documents That You Should Check and Verify: Hence, before taking the final decision of purchasing a resale flat in Bangalore or in any other city in India, you should check and verify all the property papers and legal documents involved in the purchase in order to ensure that the flat has all the required government approvals and the seller has the right to sell it.
However, since a resale flat has changed multiple hands in the past, the process of its purchase involves several complex legal procedures and technical implications. You can also take possession of the flat immediately after the purchase without waiting for months or years. Instead you can use the amount to pay the EMIs of your home loan opted for buying the resale flat. What can be a better deal than getting ownership of a flat at a price lower than the market rate? Moreover, when you buy a flat in resale you save the money that you spend in paying house rent. Purchasing a resale flat is a profitable purchase from the perspective of a buyer.
0 kommentar(er)
