Quick checklist for buying a resale property
A property buying isn’t an easy take certainly to accomplish. Hence, people do think as well as review the property value, location, and various other factors while buying a house. Also, if you are an aspiring property buyer and are looking to purchase then here are some of the things that you must know before sealing any deal.
Series of sale deed
This deed is basically the legal documentation of the transfer of property. As per the sales deed, the property is transfer to the immediate home buyer from present to the owners of the property. But, the present seller must have sales deed which compromises on the name of a former property owner who had to sell the property to the present owner. Also, this can be called as the prime party, second party and you then will be called as the third party. The documentation dated is said to be the sales deed series.
Agreement to sell
The buyer, as well as the seller, must sign Agreement to sell which is known as ATS as well. This legal pact basically consists of the terms and conditions of the selling and buying of property between 2 parties. This agreement also is compulsory to avail the home loan from banks. As financial institution verify property as well as the agreement to assess market value of the property for approving the home loan.
NOC from Society
If you are buying any resale property in society then do check for No-Objection Certificate from Society. The society should certainly issue a NOC which says that they don’t have any problem with fact that the property owner living on the premises is selling the property to you. This is an integral document to obtain before completing the procedure of home buying.
Occupancy certificate
You should ask for the occupancy certificate before you take the charge of the new house. This certificate is important to prove the legal status of the property. Municipal Corporation has the right to trounce the property, especially in the case if you fail to produce the occupancy certificate for the same. The authority also has the right to cut down the water, electricity and other important connection in absence of the certificate.
Encumbrance certificate
Clearly, this certificate clears out that the property has no dues. It is important for the bank to know and understand whether the property you are purchasing have any dues left or not. Any of the unclear dues on the property will certainly result in the decline of the home loan applications.
Do remember that purchasing a home is the actual realization of the dream you have and it certainly takes a lot of things to actually fulfill it. Thus, don’t make buying property decision in any hurry and check all the important documents before buying.
