IMPORTANT TIPS FOR BUYING PROPERTY
To take a decision to buy a property in one’s life time is an extremely important decision as one has to drain down the whole amount of hard earned precious savings for owning suitable home. After selecting a home of one’s choice, he will have to go through and check a lot of legalities and paper work. As such, one must be conversant with various legal terms and technicalities.
1. Clear Title Deed: - One must ensure and investigate the records of last 25 to 30 years from registrar’s office whether the property selected is unencumbered and has a marketable clear title. It will be better if such documents are got examined by a lowyer so that there may not be any hurdle while mortgazing same for obtaining loan from bank or financial institution.
2. Property Under Construction: - When a property of one’s choice is under
construction, he should ensure that the builder has all the legal document viz-a-viz agreement signed between the builder and the Landlord, CLU, layout plan duly approved by the concerned authorities, environmental clearance and other necessary permissions required for construction of multi storeyed buildings etc.
3. Ready To Occupy Property: - In case of ready to move properties one must ensure that the seller has clear title and possession of property as well as right to sell the property. Also check that the building has been constructed as per approved plan, it has not been mortgaged and all dues till date for water, electricity & house tax have been paid in full. Also ensure to take all necessary original documents i.e. allotment letter, completion certificate & possession certificate etc etc obtained by the seller from the builder.
4. Payment of stamp duty for Sale Deed: - Usually stamp duty is charged as fixed by the government and is payable by the purchaser. Builder, seller and purchaser are required to be present at the registrar office at the time of registration. Also ensure proper documents are obtained after making the payment.
August 4th, 2008 at 3:18 am
Buying a home can be complicated and frightening. You acquire a large debt and assume many new responsibilities. And in the back of your mind is that nagging question, “Did I get ripped off?”I designed a list of few tips to help one make the best homebuying decision possible.
1. Look at the purchase as an investment.
2. Avoid short term loss. Most places have slow, steady home appreciation. You can make the most of your investment by buying in a neighborhood where home values are expected to appreciate.
3. Use a buyer’s agent. A buyer’s agent represents the buyer and is paid by the buyer to represent their interests. If you’re not a skilled negotiator, a buyer’s agent is probably the smart choice.
4. Choose agent wisely. Look for an agent experienced in working with buyers, with knowledge of the neighborhood you are considering and without a reputation for being “pushy.
5. Carefully inspect the home. Learn as much as possible about evaluating the condition of a home.
6. Watch interest rates. The lower the interest rates, the bigger mortgage a buyer can afford. An asking price may sound too high, but at a lower interest rate, you might be able to qualify for a loan and afford the payments.
7. Study, study, study. These tips are only the beginning. You’ll need to know a lot more if you want to make wise decisions. Read articles on homebuying, financing, negotiating, home inspection, and real estate contracts.For more view- realtydigest.blogspot.com
August 6th, 2008 at 6:34 am
Some real good tips there…
Really Helpful…