Below are few of the important things, one should know before planning to purchase a new property. A handy and simple property purchase checklist one should consider before taking decisions on buying in Aurangabad city…
Common basic things to check about property..
About the Builder / Developer
- What is the reputation of the promoter / builder in market ?
- Examine the number of buildings / projects that the builder has completed in the past.
- How is the quality of the construction in respect of buildings completed by the builder / promoter ?
- What is the financial standing of the builder / promoter ?
- Adequacy of the technical staff employed with the builder.
- How are his past dealings with the customers ?
About the Title Deeds
- Has the builder shown to the flat purchaser relevant documents regarding title of plot on which the building is proposed to be constructed ?
- Is the title certificate from a reputed solicitor / advocate attached to the agreement ?
- Whether all information regarding the encumbrances is brought out clearly or is there vague reference to the encumbrances.
- Is the extract of property register card or other revenue record of the of the land / plot on which the flats are going to be constructed attached to the agreement for sale ?
Inspection of Plans / Drawings
- Has the builder got the approval of plans / drawings from the Municipal Authorities / Local Authority ?
- Has the builders shown to the flat purchaser the approved plans / drawings.
- Has the builder shown to the flat purchaser the copy of commencement certificate (C.C. ) and Intimation of disapproval    ( I.O.D. ) ?
Amenities / Specifications
- Has the builder annexed with the agreement a schedule of amenities / specifications (type of construction, flooring, doors, windows, sanitary and water supply, electrical fittings ) ?
- Nature, extent and description of common areas and facilities etc.
- Does the agreement for sale describe distinctly the common areas and facilities (such as entrance hall, foyer of building, compound wall etc.) and limited common areas facilities (landing in front of stair case etc.), percentage / interest of flat purchaser in common areas and limited common areas / facilities ?
- Is the date by which possession of the flat is given to given specified in the agreement for sale ?
- Is there provision in the agreement for refund of the amounts due by the builder alongswith simple interest @ 24% per annum from the date of receipt by builder till the date of refund in the event of failure of the builder to give possession of the flat by stipulated date or mutually agreed extended date ?
Mode of payment
- Is the mode of payment of instalments distinctly mentioned in the agreement for sale ?
- Has the builder mentioned in the agreement the amount payable by the flat purchaser on taking possession in respect of legal charges, share money, application entrance fee of society, charges for information and registration of the society and proportionate share of taxes and other charges ?
Stamp duty and registration
- Flat purchaser (buyer) has to be aware about the quantum of stamp duty payable by him at the time of execution of agreement.
- Flat purchaser(buyer) must know the registration of agreement in respect of flat purchased from the builder is compulsory ?
- Flat purchaser (buyer) must know that of the amount of registration charges payable by him.
- Flat purchaser (buyer) must know that of the fact that the time limit for registering agreement for sale is four months from the date of its execution?
Things to take care before you buy a house from a second seller
- Check the title deeds of the property
- Check the previous title deeds and verify and seek confirmation from the municipal authorities that the sanctioned building plan adheres to building bylaws.
- Check the encumbrance certificate for the past 15 years.
- Ensure that the vendor has taken a no objection certificate for selling the property from the society and check that the flat is free from tenancy.
- Check if the transfer of property requires approval from the statutory land development or planning authority, or competent authority constituted under the Income-Tax Act. If so, have the approvals been obtained?
- Ensure that electricity, water bills and property tax have been paid.
Things to take care after buying a house in a building society
- Transfer of ownership title from sellers to buyers
- Ensure that the ownership title of the house is transferred from the seller to the buyer at the first Annual General Meeting (AGM) of the building society held after buying the house. The members collectively approve and pass the resolution for transfer.
- It is very important that one becomes a member of the society, at the next AGM, because it is only after one becomes a member of the society and enjoy all the rights members are normally entitled to.
If you have decided to buy a flat under construction, you must check the following facts
- Whether the floor that you are buying is approved by the municipal corporation.
- Check the title of the land on which flats are being constructed. The builder should either be the owner himself or there must be a document showing an agreement of the builder with the landowner.
- Get a copy of the building byelaws as applicable in that area and ensure that the builder is building without any violation of front setback, side setbacks, height, etc .
- Check whether the actual construction matches the specifications given in the sale agreement.
- Whether NOC from water, electricity and lift authorities has been obtained or not .
You probably have more questions of your own, but hopefully this will guide you to find a perfect house for you which you would want to call “home sweet home.”
- The above details are subject to change. Kindly refer to the respective bodies for complete and up-to-date information.
For more details please feel free to contact us.