Checklist for Buying Resale Property

Published: 11th June 2010
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You might be running out of patience while planning to purchase property. Sometimes getting the property possession may take 3 to 4 years. To avoid
such delay, many opt for buying resale property. But, since you would be buying an already used estate, you would have to go through proper checklist
for buying resale property.

Important Checklist for Buying Resale Property

Check whether the property is included in the government registry or not. Make sure that all the documents related to the registration of the property
are available. You may also take help of legal experts to verify the authenticity of the papers.

Finding the debt status is an important part of checklist for buying resale property. If the property is under mortgage, then check its debt status and
whether it has approvals from authorities or not. Also, ensure that the property tax, water charges, society tax and electricity bills are paid by the
previous owner.

Since the property you are buying has already been in use for years, you may further need to invest money to repair all the wear and tear of the
structure. So, plan a budget according to the money you would have to spend in renovation.

The cash component is another important checklist for buying resale property. In India, the sellers force buyers to make the payment mainly in cash.
You are recommended to avoid huge sum of cash payments. The seller insists for cash payment in order to evade tax on the gains of property sell. On the
other hand, if your cash component of the payment increases, you might not receive home loans on the full price you are actually paying.

You are recommended to make sure that the building is built according to the plans and layouts approved by authority. The seller should provide you
with certificates of completion, occupancy and NOC or No Objection Certificate.

In case the age of your property exceeds more than 10 years, you are recommended to check the quality and the durability of the building. Good quality
building structures are necessary for safe living and would also save you from spending large sums of money on repair and maintenance.

iTrust is a leading personal finance portal in India providing excellent services in financial planning, real estate India, buying real estate properties in Gurgaon real estate

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