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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.
Check for rate of property currently going on in that location by asking few people/agents (Like The Prime Property) etc., so that you will not land up putting up more money in the deal.
Check if the home you purchasing has well maintained society registered properly so that most of the legal matters are taken care and you are at lower risk of being cheated.
Check both Original documents and also previous sale docs (if any) before giving token money for the deal.
Check if that property can get Loan from banks, if not why ?.
Check if the space area for carpet, built up or super built up.
Check if it CIDCO, MHADA or TOWN PLANNING approved, or alternately if property is old then proper Completion Certificate, Plan Copy and Saat Bara Utara (7/12 Utara) documents there with seller.
Check if all previous dues has been paid like (electric bill, yearly municipal charges for property, society charges, NA charges) etc.
Ask your advocate to calculate required Stamp Duty and Registration Fees with advocate fees.
Property clearance certificate and No Objection Certificate (NOC) from society is must before you register any property.
Do not try saving Stamp Duty charges as during litigation in most cases you cannot fight legally with it.
Its always a good idea to meet the society Secretary/Chairman of the property you purchasing. This will help you know some legal society pendings, share certificate related, maintenance related and NOC related to the seller.
Check the important documents before you give the token amount for purchasing that property, some of the documents are Society NOC, Name of electricity bill and Property tax receipt, Name of the maintenance receipt, All the previous documents of purchase/sell of that property agreement, Full plan copy (floor plan) of that building and the wing you planning the purchase, Deed of Declaration. Check if the legal government stamps are seen clearly on same.
Most important : Spend on the 100 rupees stamp paper and get the signature, left thumb print with photo attached on the seller before giving the token amount and make the terms very clear on registration date and what if for some reasons the deals gets cancelled. It should be on notarized.
Check if the property was already mortgaged before and if the things are already cleared and settled with the final note of settlement. One best way is to check for all the sequence of original documents of the flat you purchasing.
If you are the first time buyer of say this is your first property to be purchased, keep some extra cash handy as you might need it to miscellaneous expenses like post registration, society charges to be paid extra to builder, agent’s commission and some renovations etc.
Don’t rush for a property deal, Neither wait too long. If you find a deal interesting yet in low cost, find the valid reasons behind same. Common reasons are family dispute, urgent need of money for which the owner of flat sells at low cost, Or some litigation’s ?.
If you find the deal proper and have checked every aspects, Next is to do all money transactions in written on 100 or 500 rupees government stamp papers. Add a photo of seller, with signature and left thumb print across photo with all terms conditions with DATE written.
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 ?
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 ?
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. ) ?
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?
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 ?
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?
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.
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.
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.