Real estate investment is one of the best investments available today, only if you select the right property. A bad property investment decision can harm your financial health because this asset costs a lot of money to create. As a result, it is critical to exercise caution at every stage of the property-buying process.
To assist you, we have created a comprehensive house-buying procedure checklist that must be followed prior to acquiring the property. We have also supplied a list of legal documents required for the acquisition of property to assist you in navigating the process effectively. Continue reading to discover the important checklist you need to look for before buying one of the flats for sale in Bangalore.
When buying a home, several variables must be considered. The following is a comprehensive house buyer checklist that includes all of the important factors to consider when purchasing a home:
As a first step, the buyer should do due diligence to determine the owner of the title and whether it is really the seller. Then check the nature of the title deed and its marketability. Documents must be inspected for a minimum of 30 years (and if documents are not available, for a minimum of 12 years), and the seller may be required to supply the following documents/information in the process:
Title documents of the property: Check if there is any government order for a grant, sale deed, succession certificate, legal will, partition deed, and other documents proving the transfer of title over time. This is important to know that the seller is the real owner of the property.
In addition to proving the title to the property, the buyer should determine the identity of the seller and any specific constraints governing the seller's capacity to pass the property. To illustrate, consider the following cases when you are buying properties in Sarjapur Road:
Let us now look at the documents that must be reviewed before purchasing a plot of land with a built-up structure like 2 BHK flats for sale in Bangalore or 3 BHK flats for sale in Sarjapur Road. For the purchase of an apartment or land with a built-up building, the buyer should also examine the building plan/layout plan for the constructed houses in Sarjapur road sanctioned by the local municipal authorities, as well as approvals issued by the government, statutory, and regulatory authorities for infrastructure facilities such as water, sewage, electricity, environmental clearance, fire safety approval, and so on.
It is important to request copies of NOCs from various departments, such as the State Pollution Board, Fire Department, Sewage Board, and Traffic and Coordination Department.
Prior to selling the property, the seller must get an OC (occupancy certificate) from the appropriate authority. If you are buying property like ready-to-occupy flats in Sarjapur Road or ready to move 3 BHK flats in Sarjapur without acquiring occupancy subjects, you may be subject to a penalty under the applicable building codes, in addition to the danger of the property being demolished in later stages.
Property tax arrears are a charge on the property, limiting its marketability. As a result, the buyer must confirm with municipal officials that the seller has not fallen behind on property tax payments before selling any apartments near Sarjapur road.
Request receipts for any utility bills from the seller. Please keep in mind that after the property is transferred into your name, you will be obligated to pay any outstanding dues, utility, or otherwise.
The buyer may conduct a physical survey to check the property's size and extent. In the case of land, it is best to establish and demarcate the boundaries and access to the property, as well as any other physical characteristics that may obstruct the use of the property.
The RERA requires developers to register their projects with the authorities established by the Act. A buyer who intends to purchase a property in a project covered by the RERA should check to see if the property has been registered with the authority. The information is easily accessible on RERA's official web portal.
Unless you are fully convinced of the seller's qualifications and his control over the asset is duly documented, you must avoid entering into a deal, no matter how profitable it appears. Remember that people often try to sell disputed properties for a low price. This prospect may appear appealing at first, but it will soon prove to be a tremendous headache later.
If you are buying ready to move house in Sarjapur, Bangalore, choose the best construction company in Bangalore so that you can get a valid property.