Checklist For Buying Resale Property}
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Submitted by: Nishant Mishra
After looking to buy a new apartment in metropolitan cities, many people finally give up and settle for an old or resale flat. In addition to heavy discounts of not less than 10%, resale flats come with a tag of instant-shift and an already established neighbourhood. So, instead of paying a rent and EMI simultaneously for an under-construction venture, a resale property seems like a good option.
One of the most important advantages of a resale flat lies in getting a home in a strategic location with limited or no new supply (new projects) coming up. And if the building is pretty old, you can expect it to get covered under redevelopment program after a few years and enjoy good profit. For example many old flats in Hyderabad, Mumbai, New Delhi and other cities have come under redevelopment and the owners have made enormous profits out of it. So, lets prepare a checklist of things that should be kept in mind before booking a resale flat.
Hire A Lawyer and Real Estate Agent:
In order to locate a resale flat available for sale, you first need to hire a real estate agent. He will be helpful in not just locating the property but he can also give you a better idea about price range for recent sales in that area. Suppose you are looking for properties in Hyderabad, he will be in a position to guide you through price range per square feet of various areas.
Quiet often, such agents can also help you with tedious paperwork, registration, payment of stamp duty and organising all the papers. In addition, a good lawyer will check all the documents to make sure that they are free from any legal issues.
Legal Documents
it is very crucial to do a thorough study and assess all the legal documents. Make sure the seller is the rightful legal owner of the property in concern. Do not forget to check for any dues with respect to property tax, electricity, water and more; title of the resale property, original payment receipts of instalments paid and the original builder- buyer agreement are also worth spending time in.
Home loan
The home loan process for a resale flat is almost similar as that of buying a new property. The lending company just ascertains the condition and age of the property to decide the loan amount.
Age of the property
Ideally, a one to five year flat is perfect for buying, but if you are considering an older property examine the walls for cracks and moisture and also the plan and structure of the construction.
Chain of titles/agreements
There stands a good chance that the property you wish to buy has more than one owner in the past. In such a case it is very crucial to get copies of all the related legal documents of all past owners and get them thoroughly verified. If the seller had taken a home loan, proper stamped and attested papers are a must.
Visit http://www.hdfcred.com/properties-in-hyderabad for more info!
About the Author: If you are planning to buy resale properties such as flats in Hyderabad, check
hdfcred.com
resale page to know more about details of such properties. Visit
hdfcred.com/apartments-and-flats-in-hyderabad
for more info!
Source:
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