Owning a home is a dream for many us. But this dream comes along with a lot of paper work, tensions and financial requirements. In short, owning a home is an expensive dream. A home is a very big investment for most of us. It is not an easy task. It can take years to come across a house you really want to buy. And when this happens, it should all fit in the budget as well.
Plus one needs to go through tons of paper work and other legal formalities, and procedures to finally buy the house. There are legal jargons and terminologies one has to learn and remember too. So to help make your life a little easier, read the steps for property buying in India below:
When buying a property make sure to investigate the Title deed. This will help to make sure, the property is clear and can be put up in the market. It has to be prepared by the person who selling his flat/apartment/house. The person who is buying the property must run a thorough check on this deed. This is very important because if one is taking loan for the property, the title deed will be required by the financial institution and on the basis of this, the loan will be sanctioned.
If the selected property is under construction, then you need to ask the builder to provide you with a letter of allotment and an agreement of development. In this document one finds the buying price, the construction timeline, framework of the apartment and the date of delivery. It also mentions what will be the builders liability if he fails to build the house on time. When one makes a 15 - 20% payment for the property, the builder must hand over this document.
If you are buying a readymade property, then you need to make sure the seller of the property has the title of deed, ownership and right to transfer the property. One need to know if the building in which they are purchasing an apartment, has followed all BMC, tax and other society rules as well. All legal documents and certifications need to be original which have to be acquired from the builder.
A stamp duty and finally, the deed of sale are very important. Payment for the stamp duty is generally a certain percentage of the value one pays for the house. Once the buyer pays the stamp duty, his/her name is registered for the apartment.
Property Buying Tips