Here, we show what is essential points to remember while you buying a plot & House.
Tips For Buying a Plot and house
Tips For Buying a Plot or House:When you are taking a significant financial decision, and there are few financial decision bigger than buying a property. Before purchasing any property, take the time to educate yourself about what you are getting into before purchasing a plot or houses. The following are here to help you to prepare yourself as well as educate yourself while buying any property; Following has a Point you should remember before the purchase of the property.
Overview of our Finance
Overview of our Finance : You won’t be able to buy a property if you haven’t sufficient amount of money, first of all, we should take a look, What we can afford based on our finance, if you want to live a happy life, Everywhere before purchasing an item, goods and any types of property.
We should take the Overview of our finance.
Always track your credit score has also one of the best ideas about managing your personal finance, as well as it is beneficial during the time of taking a loan. The better your score is, the easier it will be for you to get approved for a loan.
Check for legal approvals : While purchasing a property, we should take for the paperwork from the builders. All papers should complete from the local authority to municipal
Clearance as well as approval of buildings plans etc.
List of Document you should verify before buying a property.
Title deed: it gives details about ownership rights,
Commencement Certificate: that’s certificate builders need before starting construction of the property.
Land use Certificate: that Certificate offer knowledge about any structure for residential purpose in commercial or industrial areas is illegal
Encumbrance Certificate: that Certificate give knowledge about all the transaction on the property, it is proof that the property is free from any legal and monetary liabilities and will be handed to you without any issue.
Occupancy certificate: It is mandatory for the seller to obtain the occupancy certificate from the competent authority,
before conveying the property. Use of the property, without obtaining occupancy,
exposes the buyer to penalty under the applicable building bye-laws, besides the risk of the demolition of the property.
Research the local areas
Research the local areas: Before Buying a plot or House, we should be monitoring the condition of the market in the locality where you will be buying a property, such as Distance of the market area, Distance of the Railway station,
School, College etc. In this case, pay special attention toward the length of time, How much time you take to reach your location.
here the list of Point Keeps in Mind When You want to buy a Property.
- Check whether the seller has a right over the property.
- Verify all Certificate of the property. Such as Pattah and Encumference.
- Verify the land-use zone as per the master plan of the Plot.
- Verify Whether the project has Prepared According to the Government Development rules.
- Check the Completion Certificate obtained from the building.
- Identify the right agents.
While buying a property, Real estate agents role also principal. An excellent Real estate agent will always want to have an understanding of your needs. Through Agent, you can quickly know about the property
we should also be able to deal with face to face with them and ask any query related to the park throughout the search and the buying process.
Maintain the whole list of Document: Always keep Your Document ready when you want to buy land. Following is the list of Document.
1 Sale, Title, Mother Deed Conveyance Deed
2 RTC Extracts
3 Katha Certificates and Extracts
4 Mutation Registration Extracts
5 Joint Development Agreement
6 Power of Attorney
7 Sanctioned Building plan
8 NOC from Electricity Dept. / Pollution Dept. / Water Works / Port Authority
9 Sale & Construction agreement between the developer/Builder & 1st owner of the property
10 Copy of Possession letter from Builder / Developer
11 Any Loans on Property verification
12 Sale Agreement with the Seller
13 Receipt of All Paid taxes
14 EC up to date for the last 13 years
15 A demand letter from Vendor before disbursement
16 NOC from Buildings / Society
17 No Due Certificate
18 Approved Plans
19 Layout approval plans
20 Auction Sale confirmation letter from the local authority
21 Release Deed (optional)
22 Completion Certificate
23 Occupancy Certificate
24 Deed of Declaration
25 latest month Electricity Bill
Conclusion: Use these additional resources to make your deal superb
I hope these special points to do before the purchase of a property have been helpful in understanding purchasing your first home!
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