Checklist of Buying a Property Documents
Clear Title Do not buy a property if the title of property is not clear. If title is not clear or marketable it will cause problem in future and financial institutes refuse to finance on such properties. You can either seek assistance of your lawyer or approach financial institutes to know whether the title of the property is clear. Your property title confers the owner of the property.
Expense for buying Consider cost for property and other expense incurred for owing the property. Cost of property is not rate of property but also includes other costs. Some of the important costs incurred for buying a property are fee for lawyer, Registration and notary cost, broker commission etc.
Approved layout Get copy of approved layout for the building from your builder or seller of property. Ensure that building plan and construction is approved by the authorities and property is listed in government register.
Ensure that seller of property has all documents relating to property. If possible ask for copies of original documents and get them verified by your legal advisor or lawyer.
Home Insurance Home insurance for your property helps you to meet unexpected loss or expenses. This helps you in case of theft, fire or other natural calamities. While applying for home insurance, search for company which offers you insurance at low premium rate.
Consult a Real Estate Broker Choose a good broker or agents for helping you to buy a property. You can contact agents or realtor in your neighborhood. Remember do not buy a property believing the realtor or seller, buy them only if you are convinced and feel comfortable with
Surroundings: Ensure property is free from debt and liabilities Ensure you are buying a property which is free from debts and all taxes are paid in time. If seller of property has taken any loan or advance on the property, ensure they are paid off and ask them for documents or copies to show that property is debt free.
Water and power supply Ensure that property you are buying has adequate water supply and there is no problem of power such as voltage fluctuation, power shortage etc. Voltage fluctuation can damage your home appliances. Ensure the availability of water and power supply. When buying a property ensure that there is no claim on the property by authorities or government and check whether land is designated for the residential purpose. Before buying the property ensure you have good neighbors and check the reason for selling the property. Make good market research and seek expert’s service for making your decision.
Site Visit: You should personally inspect the property before buying it. Look out for any defects.
The surrounding of your property (neighbors, industries, view) are also an important consideration. Home Loans: When shopping for the right home loan, keep these in mind: You should set aside cash to pay for at least six monthly installments. Payment projections: Compare the EMIs (based on different interest rate scenarios) from various banks to see if you are comfortable with the amount. Remember that interest rates change over the duration of a loan. Stay comfortable instead of stretching yourself too thin. Extras: Check if the bank gives free Life Insurance, Burglary/ fire insurance etc. Penalties and fore-closure: Check what the fore closure charges are that will be charged to you if you do a partial or full redemption of your loan. Also check how long the penalty period is. Other costs: These include legal fees, valuation charges, etc.
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