Tips to follow before buying a FLAT vizag vmrda

FLATS:

Tips which should be considered before buying a flat.

 Important Things to Remember Before Buying a Flat

Investing on a property or a new house or flat is one of the most crucial decisions of your life.  It's a long term idea , you have been nurturing since a very young age.

Buying a house or land or flat might also involve taking a good amount of loan, followed by monthly installments / EMI's flowing out of your income, you need to be more careful. Location, possession date and price, there are some more parameters that need to be looked in to, while purchasing a new flat check the following cases:

 Verification of Title 

Verification of Seller's Identity

Documents Related to Land 

Approvals of Construction 

Occupancy Certificate of property

Payment of Taxes

Location of the Flat 

Government permitted land

Property taxes

The ownership of the flat

Flat price

Stamp duty

Amenities

Appropriate walls and spaces

Apartment Possession

Flat’s sharing Carpet Area

Financing Banks

Builder-Buyer Agreement

Hidden and Additional Charges

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Verification of Title

It is first step, the buyer must first confirm the validity of the property title. It must be free of any mortgages or previous unpaid dues.

Scrutinize all documents for the last 15 years, up to 30 years for any legal discrepancies.

 Verification of Seller’s Identity

verifying the flat’s title documents, verifying the identity of the seller(s). scrutinizing valid legal documents like a PAN Card, Aadhar Card, etc.

 In case of the seller being an organization, check for legal documents related to the company’s registration, TAN number, etc.

 Documents Related to Land

Type of land –  know the land usage type , is it useful for residential, commercial, industrial, non-agricultural, mixed use and look for land conversion documents.

 Approvals of Construction

Already constructed building, verifying the building or layout plan is a must. It should be sanctioned by the municipal authorities to provide electricity, Drains, water, environmental clearances, fire safety, etc..

 Occupancy Certificate of Property

Seller must obtain an Occupancy Certificate (OC) before transferring the property titles. if it not available then OC could create severe problems for the buyer penalties to demolition of the property.

 

Payment of Taxes

verify with the municipal authorities that the seller has paid the tax payments or not.