People have a lot of misconceptions about real estate and various properties. Some homebuyers are misinformed about the documents that are important in a transaction of a resale property. The more you discuss it with people the more baffled you will be. This is because your relatives, realtors, dealers, and experts; all have something different to tell you. So, it is important to do your homework first before heading out to a search party.
If you are looking for a resale property in Gurgaon you will have to keep a few things in mind so that you don’t miss out on any documents. This blog contains a checklist of items that you should keep in mind and consult while going to buy a resale property.
Have an idea of what resale property is and why is it a good investment?
For most home buyers, getting the keys to a property is one of the most difficult tasks to perform. They have to keep in mind a lot of things. Right from the development to the surroundings to the basic amenities that are available around the house. All of these have become a necessity for every home buyer to look for, before freezing a deal.
This is a very generic way to look for the value of a property. Many experts recommend that homebuyers should know and be acquainted with a few norms and a certain procedure while fixing a deal or signing the paper to resale property. Apart from visiting the property and checking out all the details, the homebuyers should cross-check all the papers. Two very important things that the homebuyers must check that the property should have their name against the clear title of ownership.
The next important thing is that the property papers have got all the necessary approvals from the government. Apart from these, there is a checklist of important documents that you should check:
● Sale Deed
A sale deed is a very important document in terms of a resale property. It should be the first document that a buyer should demand. It helps in verifying the resale unit. It is also considered as one of the legal documents that prove the sale as well as the transfer of the property to your name.
Either your lawyer or you should read all the documents carefully before signing the sale deed.
● The building plan
The next important thing on your checklist should be the building plan. If you want to live happily in the unit you are planning to buy then you should check whether the building plan is sanctioned by the local municipal authority or not. The plan also includes the blueprint of the entire property, all the utilities, and equipment layout. If you see anything that’s unauthorised, there are chances that that portion of the unit can be either denied occupancy or demolished.
● The Encumbrance certificate
The next important document that you should look for before signing the deal is the encumbrance certificate. This vital document shows that the property has no dues, legal liabilities or monetary. Ask the dealer to obtain this document for you from the sub-registrar’s office. This should definitely be on your list and you should ask for it.
Apart from these three important points, your checklist should also comprise the occupancy certificate, tax paid receipt, home loan clearance, and possession certificate.
A lot of people who lack this basic knowledge can lose their property as well as money. Moreover, if you are looking for a plot for sale in Gurgaon then Reies India is one name you should keep in mind. They have experts who can guide you and help in matching you to the best property.