Property Buying: Quick Check List of All The Necessary Documents

by Advocate Mr. Vinod Sampat:

** Have a clause in the agreement that if the seller terminates the agreement or / does not give possession on the due date then he/she will pay double the amount that has been collected by him till date. ·

**  Take irrevocable power of attorney from seller.

**  Insist for clear and marketable title certificate from the advocate of the vendor.

**  See that the earlier chain of agreement is duly stamped and registered.

**   Insist for no-objection certificate from the society.

**  Have the area physically measured. Also see that the carpet area tallies with the society record as well as with the records of the  Municipal Corporation. There are instances were builders /promoters have fooled flat purchasers by selling open passages. The area as reflected in municipal records is the correct records.

**  Have clear cut idea of hidden expenses like transfer fees, brokerage etc.

**  Have separate agreement for furniture item. This will help you in saving stamp duty which is 3 % on moveable property and 5 % on immovable property.

**  See that the seller has paid all his/HER income tax dues.

**  Inquire if there are any notices received pertaining to the flat. Take an affidavit from the seller. In case of dispute this can help you to initiate criminal action against the seller.

**  Documents should be signed before a notary and the notarial number must be mentioned in the document otherwise it becomes a defective affidavit.

 

**  Inquire about incidental benefits eg. car parking spaces that would be allotted by the society and club facilities.

** Before paying token amount get the draft of all the papers approved from the seller.

** Ensure that the seller is holding the flat not as a trustee.

** Find out the market value of the property as well as the impact of capital gains tax on the seller. At times deals get cancelled if the seller has to pay high amount of  income tax.

** Check the status of the property after verifying the property card.

 

** Ensure that the entire chain of documents are mentioned in the agreements.

** In the event the flat is acquired by the transferor on account of demise of his family members insist for probate/letter of administration. In the alternative insist on the consent of all the legal heirs preferably as confirming parties.

** You have to ensure that proper precautions are taken else you can face problems when you offer the flat as a collateral or at the time of transfer of flat.

 

** Check if the occupation certificate / or  building completion certificate is received.

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