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Feb 2018

Some precautions for prospective home buyers

Some precautions for prospective home buyers

Act in the haste and repent at leisure is the age-old saying. This basically applies to the home buying. To avoid the situation where one would have to repent before home buying, the buyer must do thorough due diligence of the property.

Here are various precautions that should take to avoid being the conned by the scamster-

• Do not get carried away by the glossy advertisements or proffers and ink in the deal in haste. Do appropriate ground works before signing the dotted line

• Do not sign the papers that cannot comprehend. Take the help of the lawyer instead

• You gather all important information on the owner before zeroing in on the house

• As the prospective buyer, you are within the correct demand documents of record of land, authority or municipality approvals, title deed, and other documents from the seller

• Never show the blind faith in lender or bank regarding the consent of projects against which you apply for loan

• Also, you must check local bylaws to verify issue with the building

• Verify original documents of property including development agreement between landowner and developer

• It is significant to verify the developers has obtained non-agricultural approval for land from authorities concerned

• It is advised to buy the home in a building which has occupancy certificates. This basically means one should actually avoid investing in the under-construction property

• Legal scrutiny of title in reference to mother deed, sale deed, land development body, allotment order from modern bodies, original gazette layout sanction papers, etc., should be cross-checked

• It may be worthwhile to specify the transaction in local newspapers before closing deals

• Apart from scrutinizing the deed of sale, you must confirm stamp duty transfer fee and registration charges to be paid by the seller


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